Vanbarton Group Sells Seaport Office Building At 175 Water Street For $252M
SOLD
$252,000,000
+ 2
New York
See Similar DealsOffice
Sold 10/11/2022
SOLD
Vanbarton Group Sells Seaport Office Building At 175 Water Street For $252M
175 Water Street
See Similar DealsOffice
Sold 10/11/2022
+ 2
Summary
NEW YORK
Asset Type:Office
Transaction Type:Sale
The property involved in this transaction is an office located at 175 Water Street in the Seaport market. The property spans a total area of 684,500 square feet with a price per square foot of $368. The sale of this property was completed on October 11, 2022, for a total sale price of $252,000,000. The seller of the property was Vanbarton Group.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $252,000,000
- Address: 175 Water Street
- Market: Seaport
- Size: 684,500 square feet
- Price per Square Foot: $368
The transaction was facilitated by the brokerage firm JLL, with Andrew Scandalios, David Giancola, Vickram Jambu, Steven Rutman, and Marion Jones representing the seller, Vanbarton Group, in the deal.
Players
BROKERAGE
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$13,440,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$895,302.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,194,608.56
Annual Debt Service$14,335,302.77
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