TF Cornerstone Acquires Office To Residential Conversion At 135 East 57th Street From The Wallace Estate
SOLD
+ 1
New York
See Similar DealsOffice440,699 SF
Sold
SOLD
TF Cornerstone Acquires Office To Residential Conversion At 135 East 57th Street From The Wallace Estate
135 East 57th Street
See Similar DealsOffice440,699 SF
Sold
+ 1
Summary
NEW YORK
Asset Type:Office
Total Square Footage:440,699 SF
Transaction Type:Sale
The property involved in this transaction is located at 135 East 57th Street, situated in the Midtown Manhattan area. It has undergone an office to residential conversion, encompassing a substantial square footage of 440,699. The sale was executed between TF Cornerstone and The Wallace Estate.
Summary of transaction details:
- Property Type: Office to Residential Conversion
- Transaction Amount: Not disclosed
- Address: 135 East 57th Street
- Market: Midtown Manhattan
- Asset Size: 440,699 SF
- Buyer: TF Cornerstone
- Seller: The Wallace Estate
- Brokers: Andrew Scandalios, David Giancola, Drew Isaacson & Jennifer Zelko - JLL
The brokers facilitating this transaction included Andrew Scandalios, David Giancola, Drew Isaacson, and Jennifer Zelko, all representing JLL. Their involvement highlights the brokerage expertise supporting this deal between the buyer and seller.
Players
BROKERAGE
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,853,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$589,762.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$786,924.69
Annual Debt Service$9,443,096.27
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