Sabal Investment Holdings & GDS Development Management Acquire Stake In 142 West 57th Street Office Building For $92.5M
142 West 57th Street
$92,500,000
$377/SF
Building Size
245,000 SF
Asset Type
Office
Closing
Nov 20, 2023
About this deal
AI
Sabal Investment Holdings and GDS Development Management have acquired a stake in the $92.5 million loan against the office component of the Metropolitan Tower at 142 West 57th St. in midtown Manhattan. The property is an office asset located in the Midtown Manhattan market. It spans 245,000 square feet and has a price per square foot of $378. The transaction took place on November 20, 2023, and the seller of the loan stake was Aareal Group.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $92,500,000
- Address: 142 West 57th Street
- Market: Midtown Manhattan
- Buyer: Pat Jackson - Sabal Investment Holdings, Alan Rudikoff - GDS Development Management
- Seller: Aareal Group
- Square Footage: 245,000
- Price per Square Foot: $378
The buyer's representative in this transaction was Pat Jackson from Sabal Investment Holdings, and Alan Rudikoff from GDS Development Management also represented the buyer. This investment involves the acquisition of a stake in the loan previously issued by Aareal Group for the office component of the Metropolitan Tower.
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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93