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Jeffrey Gural's GFP Real Estate Acquires Flatiron Building In New York For $161M
SOLD
$161,000,000
New York
See Similar DealsOffice
Sold 05/23/2023
SOLD
Jeffrey Gural's GFP Real Estate Acquires Flatiron Building In New York For $161M
175 5th Ave, New York, NY 10010, USA
See Similar DealsOffice
Sold 05/23/2023
Summary
NEW YORK
Asset Type:Office
Transaction Type:Sale
The iconic Flatiron Building in New York City has been sold at auction for $161 million. The buyer of the property is GFP Real Estate, represented by Jeffrey Gural. The address of the building is 175 5th Avenue and it is classified as an office asset. The sale took place on May 23, 2023, in New York's market.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $161,000,000
- Address: 175 5th Avenue
- Market: New York
- Buyer: GFP Real Estate - Jeffrey Gural
Jeffrey Gural, one of the current owners of the Flatiron Building, secured the winning bid at the auction. He has expressed a commitment to preserving the landmark, highlighting the importance of the property's historical and architectural significance.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,586,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$571,998.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$763,222.14
Annual Debt Service$9,158,665.66
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