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Joseph J. Sitt Of Thor Equities Acquires Office Asset At 1165 Broadway For $56M
SOLD
New York
See Similar DealsOffice58,000 SF
Sold 03/25/2026
SOLD
Joseph J. Sitt Of Thor Equities Acquires Office Asset At 1165 Broadway For $56M
1165 Broadway
See Similar DealsOffice58,000 SF
Sold 03/25/2026
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$965
Total Square Footage:58,000 SF
Transaction Type:Sale
1165 Broadway is a 58,000-square-foot office and retail asset located in Manhattan's NoMad district. The property was sold for $56,000,000, translating to a price per square foot of $966.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $56,000,000
- Buyer: Joseph J. Sitt - Thor Equities
- Seller: David Haddad
- Address: 1165 Broadway
- Market: NoMad, Manhattan
- Square Footage: 58,000
- Price Per Square Foot: $966
Joseph J. Sitt, representing Thor Equities, was involved in the acquisition from seller David Haddad. This transaction reflects a strategy to enhance presence in the office and retail market in a prime Manhattan location.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,986,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$198,956.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$265,468.57
Annual Debt Service$3,185,622.84
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