IStar Acquires BankNote Building In South Bronx For $65M
1231 Lafayette Ave, The Bronx, NY 10474, USA
$65,000,000
$156/SF
Building Size
414,274 SF
Asset Type
Office
Closing
Jul 31, 2019
About this deal
AI
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.
On the Map
$65,000,000
$156/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93