Palin Enterprises Acquires Office, Multifamily & Parking Assets In Plaza District & Midtown East For $65M
58 West 55th Street, New York, NY 10019
$65,067,329
Units
240
Asset Type
Office
Closing
Jun 7, 2020
About this deal
AI
Palin Enterprises has acquired a portfolio of properties in the Plaza District and Midtown East areas of New York City. The properties include an office building located at 155 E. 55th Street, a multifamily building at 65 West 55th Street, and a parking facility at 210 E. 58th Street. With a total of 240 units, the portfolio offers a mix of office, multifamily, and parking spaces.
Summary of transaction details
- Property Type: Office, Multifamily & Parking
- Transaction Amount: $65,067,329
- Buyer: Palin Enterprises
- Seller: Alvin Dworman
This significant transaction was completed on June 7, 2021. One of the key individuals involved in the deal is Dean Palin, who captured an image of the properties. While no additional information about the transaction was provided, this acquisition represents a notable addition to Palin Enterprises' real estate portfolio in the vibrant Plaza District and Midtown East markets.
On the Map
$65,067,329
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
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93