Vanbarton Group Acquires 444000 SF Property At 132 W 31st St New York For $265 Million
SOLD
$265,000,000
New York
See Similar DealsOffice444,000 SF
Sold 08/11/2015
SOLD
Vanbarton Group Acquires 444000 SF Property At 132 W 31st St New York For $265 Million
132 W 31st St, New York, NY, 10001
See Similar DealsOffice444,000 SF
Sold 08/11/2015
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$596
Total Square Footage:444,000 SF
Transaction Type:Sale
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.
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BUYER
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$14,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$941,489.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,256,235.20
Annual Debt Service$15,074,822.36
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