IStar Acquires BankNote Building In South Bronx For $65M
SOLD
$65,000,000
+ 1
New York
See Similar DealsOffice414,274 SF
Sold 08/01/2019
SOLD
IStar Acquires BankNote Building In South Bronx For $65M
1231 Lafayette Ave, The Bronx, NY 10474, USA
See Similar DealsOffice414,274 SF
Sold 08/01/2019
+ 1
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$156
Total Square Footage:414,274 SF
Transaction Type:Sale
The BankNote Building, located at 1231 Lafayette Avenue in the South Bronx, has been sold in a closed property transaction. The office building, spanning a total area of 414,274 square feet, was sold for a price of $65,000,000, equating to a price per square foot of $157. The transaction took place between sellers Madison Marquette and Perella Weinberg Partners, and buyers iStar / Safehold, represented by Jay Sugarman.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $65,000,000
- Square Footage: 414,274
- Price per Square Foot: $157
The deal was facilitated by brokers Michael Rotchford, David Heller, Mark Todrys, and @Savills. Their expertise ensured a successful transaction for both the sellers and buyers involved in the deal.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,466,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$230,931.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$308,133.16
Annual Debt Service$3,697,597.94
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