Jack Sitt Real Estate & GII Acquires Office Buildings In White Plains For $42.5M
SOLD
$42,500,000
New York
See Similar DealsOffice217,628 SF
Sold 03/03/2020
SOLD
Jack Sitt Real Estate & GII Acquires Office Buildings In White Plains For $42.5M
140 Grand Street, Brooklyn, NY 11249
See Similar DealsOffice217,628 SF
Sold 03/03/2020
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$195
Total Square Footage:217,628 SF
Transaction Type:Sale
Two office buildings located at 140 & 150 Grand Street in White Plains have been sold for a total price of $42,500,000. The sale took place on March 3, 2020, and the buildings have a combined square footage of 217,628. The price per square foot for this transaction was $195. The buyer is Jack Sitt Real Estate & GII, while the seller is Westport Capital Partners.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $42,500,000
- Square Footage: 217,628
- Price per Square Foot: $195
- Market: White Plains
The deal was facilitated by brokers Jeffrey Dunne, Steven Bardsley, and Jeremy Neuer from CBRE. They represented both the buyer, Jack Sitt Real Estate & GII, and the seller, Westport Capital Partners.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$150,993.52
Cash-on-Cash Return-1.27%
Monthly Debt Service$201,471.68
Annual Debt Service$2,417,660.19
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