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121 Varick Street, New York...

Platinum Inc. Acquires Office Cooperative Unit At 121 Varick Street In Hudson Square
SOLDOffice

Platinum Inc. Acquires Office Cooperative Unit At 121 Varick Street In Hudson Square

121 Varick Street, New York City, New York 10013, United States

$8,000,000

$633/SF

Building Size

12,623 SF

Asset Type

Office

Closing

Dec 21, 2021

AI

The sale of an office cooperative unit located at 121 Varick Street in Hudson Square has been finalized. The property, occupying the entire 2nd floor, was sold for a price of $8,000,000. The total area of the unit is 12,623 square feet, resulting in a price per square foot of $634.

Summary of transaction details

  • Property Type: Office Cooperative Unit
  • Transaction Amount: $8,000,000
  • Address: 121 Varick Street, Hudson Square
  • Market: Hudson Square

The buyer of the property was Platinum Inc., while the seller was Irene David Realty. The deal was facilitated by Michael Rudder and Justin Harris from Rudder Property Group, representing both the buyer and the seller.

Players

Michael Rudder

Rudder Property Group

Broker

$198.3M

vol

23 deals

Broker
R
RealtySeller

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

1.98%

Cash-on-Cash

-0.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93