Rialto Management Group Acquires Office Asset From Flagstar Bank For $34.5M In Manhattan
185 Madison Avenue
$34,500,000
$431/SF
Building Size
79,961 SF
Asset Type
Office
Closing
Jun 27, 2025
About this deal
AI
The asset involved in the transaction is an office property located at 185 Madison Avenue in the Grand Central market of Manhattan. The sale price was set at $34,500,000, with a total square footage of 79,961, resulting in a price per square foot of $431.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $34,500,000
- Buyer: Rialto Management Group
- Seller: Flagstar Bank
- Total Square Footage: 79,961
- Price Per Square Foot: $431
- Sale Date: June 27, 2025
- Market: Grand Central, Manhattan
Rialto Management Group, in partnership with Hines, acquired a loan from Flagstar Bank that was secured by Hilson Management’s office building. The completion of the deal was recorded on August 1, following the closing date.
On the Map
$34,500,000
$431/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.46%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93