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Mahendra Patel Acquires Office Coop At 131 West 35th Street For $2.7 Million

Property Image
SOLD
$2,700,000
Craig Waggner
Thomas Sullivan
+ 1

New York

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Office7,725 SF
Sold 03/19/2025
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Property Image
SOLD

Mahendra Patel Acquires Office Coop At 131 West 35th Street For $2.7 Million

131 West 35th Street

See Similar Deals
Office7,725 SF
Sold 03/19/2025
Craig Waggner
Thomas Sullivan
+ 1
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$349
Total Square Footage:7,725 SF
Transaction Type:Sale

This office coop, located at 131 West 35th Street, 4th Floor, spans 7,725 square feet and is situated in the Manhattan market. The sale was finalized for a transaction amount of $2,700,000, resulting in a price per square foot of $349.

Summary of transaction details:

This transaction involved multiple floors for sale simultaneously, which posed challenges. The Cushman & Wakefield team successfully identified the ideal buyer who needed immediate occupancy, allowing the buyer to move in three months prior to closing under an occupancy agreement, thereby assisting the seller in managing carrying costs.

Players

John Ciraulo
47 deals$732.2M volume(212) 660-7700
BROKER

Craig Waggner
Cushman & Wakefield
46 deals$696M volume
BROKER

Thomas Sullivan
Cresa
1 deal$2.7M volume(914) 374-6098
BROKER

Jack Stephen
Cushman & Wakefield
12 deals$166.5M volume(212) 841-5099
BROKER

Details

SOLD
IMAGE: Craig Waggner, John Ciraulo & Jack Stephen DATE: 03/19/2025 ADDRESS: 131 West 35th Street, 4th Floor MARKET: Manhattan ASSET TYPE: Office Coop BUYER: Mahendra Patel SELLER: Mal McLaren BUYER'S REP: Thomas Sullivan SELLER'S REP: Craig Waggner (@Craig_Waggner), John Ciraulo (@JohnCiraulo) & Jack Stephen (@JackHaroldStephen) - Cushman & Wakefield (@CushWake) (@TeamCirauloWaggner) SALE PRICE: $2,700,000 SF: 7,725 ~ PPSF: $349 NOTE FROM BROKER: This vacant full floor office coop sale was executed within a property with multiple floors for sale at the same time, presenting its own set of challenges. However, the Cushman & Wakefield team successfully secured the ideal buyer, who required the space immediately. The buyer was able to move in three months prior to closing under an occupancy agreement, paying the seller significant rent on top of the purchase price until the deal closed which helped alleviate the Seller's carrying costs.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$144,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$9,592.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,799.38
Annual Debt Service$153,592.53