Vanbarton Group Acquires 444000 SF Property At 132 W 31st St New York For $265 Million
132 W 31st St, New York, NY, 10001
$265,000,000
$596/SF
Building Size
444,000 SF
Asset Type
Office
Closing
Aug 11, 2015
About this deal
AI
31 Penn Plaza, located at 132 W 31st St, New York, NY, encompasses 444,000 square feet. The property was acquired for a transaction amount of $265,000,000.00 in the New York market.
Summary of transaction details:
- Property Type: Office Building
- Transaction Amount: $265,000,000.00
- Square Footage: 444,000
- Address: 132 W 31st St, New York, NY, 10001
- Buyer: Vanbarton Group
- Seller: Savanna
- Seller's Representatives: Adam Spies (Newmark), Douglas (Doug) Harmon (Newmark)
Vanbarton Group's acquisition of the property highlights a significant transaction in the New York market. The seller, Savanna, originally purchased the building in 2011 for a price that was approximately half of the sale amount. This deal was facilitated by representatives from Newmark, Adam Spies and Douglas Harmon.
On the Map
$265,000,000
$596/SF
Office
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Players
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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93