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
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
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