Blackstone Sells Office Asset In Bryant Park To Clarion Partners For $282M
114 West 41st Street, New York, NY, USA
$282,000,000
$805/SF
Building Size
350,000 SF
Asset Type
Office
Closing
Dec 12, 2018
About this deal
AI
The Blackstone Group has sold an office property located at 114 West 41st Street in Bryant Park. The property spans 350,000 square feet, with a sale price of $282,000,000 and a price per square foot of $800. The buyer of this asset is Clarion Partners.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $282,000,000
- Address: 114 West 41st Street
- Market: Bryant Park
- Square Footage: 350,000
- Buyer: Clarion Partners
- Seller: The Blackstone Group
The deal was brokered by Edward “Woody” Maher from Newmark Knight Frank.
Players
New York Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93