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137 2nd Ave, New York, NY 1...

Cofinance Group Acquires Office Building In East Village For $18M
SOLDOffice

Cofinance Group Acquires Office Building In East Village For $18M

137 2nd Ave, New York, NY 10003, USA

$18,000,000

$90/SF

Building Size

200,000 SF

Asset Type

Office

Closing

May 29, 2019

AI

The office building located at 137 2nd Ave in East Village has been sold for $18,000,000. The property spans 20,000 square feet with a price per square foot of $900.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $18,000,000
  • Square Footage: 20,000
  • Price per Square Foot: $900
  • Address: 137 2nd Ave
  • Market: East Village

The buyer of the office building is Cofinance Group, represented by Mark Winter-Gitelson and Alex de Montebello. The seller is Continental Ventures, represented by Joel Schreiber, Jenny Haim, and Josh Smith.

The deal was facilitated by brokers Ally Dayon, Bunny Escava, Jeffrey Znaty, and Mark Winter Gitelson.

Players

Bunny Escava

Kassin Sabbagh Realty

Broker

$1.2B

vol

44 deals

Broker
Mark Winter-Gitelson

Mark Winter-Gitelson

Buyer

$55.3M

vol

4 deals

Buyer

Jenny Haim

Continental Equities Group

Seller

$59M

vol

2 deals

Seller
CV
Continental VenturesSeller

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

0.88%

Cash-on-Cash

-0.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93