Wharton Properties Acquires Office Building In Midwood For $11.8M
1602 Kings Hwy, Brooklyn, NY 11229, USA
$11,800,000
$32/SF
Building Size
367,940 SF
Asset Type
Office
Closing
Jan 30, 2020
About this deal
AI
Javascript Sutton and Jeff Sutton purchased an office property located at 1602 Kings Highway in Midwood for $11,800,000. The property has a building square footage of 36,794 and a price per square foot of $319. The seller of the property was HSBC.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $11,800,000
- Building Square Footage: 36,794
- Price Per Square Foot: $319
- Address: 1602 Kings Highway
- Market: Midwood
Wharton Properties, represented by Jeff and Joe Sutton, acquired the office property from HSBC. This transaction demonstrates the Suttons' continued investment in the Midwood market.
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
1.34%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93