Savanna Acquires Office Building In Garment District For $435M
SOLD
$435,000,000
+ 5
New York
See Similar DealsOffice513,401 SF
Sold
SOLD
Savanna Acquires Office Building In Garment District For $435M
1375 Broadway, New York, NY 10018, USA
See Similar DealsOffice513,401 SF
Sold
+ 5
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$847
Total Square Footage:513401 SF
Transaction Type:Sale
The office building located at 1375 Broadway in the Garment District has been sold for a total price of $435,000,000. Spanning across 513,000 square feet, the property was purchased by Savanna.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $435,000,000
- Address: 1375 Broadway
- Market: Garment District
- Square Footage: 513,000
The deal was facilitated by Adam Spies, Doug Harmon, Adam Doneger, and Josh King from @CushWake, who represented the buyer. The seller of the property was Westbrook Partners.
It is worth noting that Savanna was also the original seller of the building to Westbrook Partners, highlighting their involvement in both sides of the transaction.
Players
SELLER
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$23,200,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,545,463.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,062,121.93
Annual Debt Service$24,745,463.12
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