Platinum Inc. Acquires Office Cooperative Unit At 121 Varick Street In Hudson Square
SOLD
$8,000,000
New York
See Similar DealsOffice12,623 SF
Sold 12/21/2021
SOLD
Platinum Inc. Acquires Office Cooperative Unit At 121 Varick Street In Hudson Square
121 Varick Street, New York City, New York 10013, United States
See Similar DealsOffice12,623 SF
Sold 12/21/2021
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$633
Total Square Footage:12,623 SF
Transaction Type:Sale
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.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$426,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$28,422.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,924.08
Annual Debt Service$455,088.98
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