Savanna Acquires Office Building In Garment District For $435M
1375 Broadway, New York, NY 10018, USA
$435,000,000
$847/SF
Building Size
513,401 SF
Asset Type
Office
Closing
Feb 11, 2020
About this deal
AI
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.
On the Map
$435,000,000
$847/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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93