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David Paz Of Omnia Group Acquires Office Building In Gramercy Park For $13.8M
SOLD
$13,800,000
New York
See Similar DealsOffice19,582 SF
Sold 05/17/2026
SOLD
David Paz Of Omnia Group Acquires Office Building In Gramercy Park For $13.8M
108 East 16th Street
See Similar DealsOffice19,582 SF
Sold 05/17/2026
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$704
Total Square Footage:19,582 SF
Transaction Type:Sale
An office building located at 108 East 16th Street in the Gramercy Park neighborhood of Manhattan has been sold for $13.8 million. This property encompasses a total area of 19,582 square feet, resulting in a price per square foot of $705.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $13,800,000
- Square Footage: 19,582
- Price per Square Foot: $705
- Buyer: David Paz - Omnia Group
- Seller: Matthew Rashid
- Date of Transaction: May 17, 2026
David Paz represented The Omnia Group in acquiring the property from seller Matthew Rashid. This transaction marks a significant addition to Omnia Group's portfolio within the competitive Manhattan real estate market.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$736,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$49,028.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$65,419.04
Annual Debt Service$785,028.49
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