Douglas Jemal Acquires Office Building In Downtown Syracuse For $5.9M
M&T Bank Building, 101 S Salina St, Syracuse, NY 13202, USA
$5,900,000
$28/SF
Building Size
205,240 SF
Asset Type
Office
Closing
Nov 29, 2020
About this deal
AI
The office building located at 101 S. Salina St in Downtown Syracuse, NY has been sold in a closed transaction. The property, owned by M&T Bank Corp., was purchased by Douglas Jemal of Douglas Development for a total asking price of $5,900,000. The building spans approximately 205,240 square feet, resulting in a price per square foot of $28.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $5,900,000
- Address: 101 S. Salina St, Downtown Syracuse, NY
- Market: Downtown Syracuse, NY
- Square Footage: 205,240
- Price per Square Foot: $28
As per plans by Douglas Jemal of Douglas Development, the building will undergo a transformation into a mix of residential, retail, and office spaces. The estimated cost for this redevelopment is expected to range between $20-30 million.
Players
Syracuse 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
2.69%
Cash-on-Cash
-0.77%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93