Columbia Property Trust Acquires 49% Stake In Allianz's 95% Leasehold
114 5th Ave, New York, NY 10011, USA
$220,000,000
$62/SF
Building Size
3,520,000 SF
Asset Type
Office
Closing
Aug 16, 2017
About this deal
AI
The property involved in this transaction is a 49 percent stake in Allianz's leasehold on 114 5th Avenue, located in Manhattan, New York. Allianz purchased this leasehold two years ago for $209 million, and it has now been valued at $220 million. The property is an office building with a total square footage of 352,000.
Summary of transation details
- Property Type: Office
- Transaction Amount: 49 percent stake
- Address: 114 5th Avenue
- City: New York
- Market: Manhattan
- SF: 352,000
Columbia Property Trust has acquired the 49 percent stake in Allianz's leasehold. The seller, Allianz RE of America, agreed to this transaction. The broker involved in the deal was @CUSHWAKE, represented by Doug Harmon.
Players
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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93