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163 Varick St, New York, NY...

APF Properties Acquires Office Building In Manhattan For $64.9M
SOLDOffice

APF Properties Acquires Office Building In Manhattan For $64.9M

163 Varick St, New York, NY 10013, USA

Building Size

500,000 SF

Asset Type

Office

Closing

Jul 16, 2017

AI

The office property located at 163-169 Varick Street in New York City has been sold for a total price of $64,900,000. Spanning over an area of 50,000 square feet, the property is situated in the Manhattan market. The sale price per square foot amounts to $1,298.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $64,900,000
  • Square Footage: 50,000
  • Price per Square Foot: $1,298
  • Address: 163-169 Varick Street, New York
  • Market: Manhattan

The seller of the property is Heritage Realty, represented by Michael Aryeh and @Alexhaji. The buyer is APF Properties, represented by Kenneth Aschendorf and Berndt Perl. The deal was facilitated by CBRE’s Darcy Stacom and Bill Shanahan.

Players

William Shanahan

CBRE

Broker

$6.4B

vol

20 deals

Broker

Berndt Perl

APF Properties

Buyer

2 deals

Buyer
Michael Aryeh

Michael Aryeh

Heritage Realty

Seller

$45M

vol

4 deals

Seller
HR
Heritage RealtySeller

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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93