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109 West 24th Street, Manha...

Updated Feb 27, 2025

Christopher Okada And Francis Leung Acquire Flatiron Office Building For $16.25M
SOLDOffice

Christopher Okada And Francis Leung Acquire Flatiron Office Building For $16.25M

109 West 24th Street, Manhattan, New York, NY, USA

$16,250,000

$365/SF

Building Size

44,500 SF

Asset Type

Office

Closing

Oct 28, 2021

About this deal

AI

Located in the Flatiron district, the office property at 109-111 West 24th Street was recently sold in a transaction. The asset spans a total area of 44,500 square feet, with a price per square foot of $365. The sale price for the property was $16,250,000.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $16,250,000
  • Address: 109-111 West 24th Street
  • Market: Flatiron

The buyer in this transaction is Christopher Okada and Francis Leung, while Montauk Rug & Carpet acted as the seller. Representing the buyer's side were Brock Emmetsberger and Cameron Stafford from 6RealEstate Advisors. On the seller's side, Bob Knakal and Jonathan Hageman from LL served as the representatives.

It is worth noting that Christopher Okada shared his perspective on the purchase. He mentioned experiencing uncertainty during the early days of the pandemic, but his confidence in New York City's resilience led him to make this investment. Okada also referenced his real estate documentary, "THE RESILIENT," as a reminder of NYC's ability to bounce back. With the acquisition of 111 West 24th Street, Okada aims to contribute to the city's post-pandemic office development projects.

On the Map

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$16,250,000

$365/SF

Office

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Players

Brock Emmetsberger

Matthews

Broker

$352.8M

vol

28 deals

Broker
Christopher (Chris) Okada

Christopher Okada

Buyer

$352.8M

vol

94 deals

Buyer
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New York Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $365 per square foot on a published $16.3M for 44,500 square feet (2021).

Visit Robert (Bob) Knakal to view all their deals.

Browse New York office sales on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.98%

Cash-on-Cash

-0.28%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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