Jeffrey Gural's GFP Real Estate Acquires Flatiron Building In New York For $161M
175 5th Ave, New York, NY 10010, USA
$161,000,000
Building Size
—
Asset Type
Office
Closing
May 23, 2023
AI
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.
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
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93