Commerz Real Acquires Office Building In FiDi For $850M
100 Pearl Street, New York, NY 10004, USA
$850,000,000
$878/SF
Building Size
967,886 SF
Asset Type
Office
Closing
Sep 30, 2021
About this deal
AI
Commerz Real has acquired an office asset located at 100 Pearl Street in the Financial District (FiDi) of New York City. The property spans approximately 967,886 square feet and was sold by GFP Real Estate and Northwind Group. The office asset was brokered by Adam Spies, Doug Harmon, Adam Doneger, and Marcella Fasulo from CushWake. The transaction closed on September 30, 2021, for a total sale price of $850,000,000, resulting in a price per square foot of $878.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $850,000,000
- Address: 100 Pearl Street
- Market: FiDi
- Buyer: Commerz Real
- Seller: GFP Real Estate & Northwind Group
- Brokers: Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo - CushWake
- Square Footage: 967,886
- Price per Square Foot: $878
This transaction highlights the significant involvement of Commerz Real as the buyer, and GFP Real Estate and Northwind Group as the sellers. The deal was facilitated by the brokers Adam Spies, Doug Harmon, Adam Doneger, and Marcella Fasulo from CushWake, who played a crucial role in the successful completion of the transaction.
On the Map
$850,000,000
$878/SF
Office
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New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93