L&L Holding Acquires Office Building On 195 Broadway In Financial District For $800M
195 Broadway, Manhattan, New York, NY, USA
$800,000,000
$759/SF
Building Size
1,052,861 SF
Asset Type
Office
Closing
Sep 16, 2019
About this deal
AI
The sale of the office building located at 195 Broadway in the Financial District has been finalized. The property, spanning over 1,052,861 square feet, was sold for a total value of $800,000,000, with a price per square foot of $759. The transaction took place on September 17, 2019.
Summary of transation details
- Property Type: Office
- Transaction Amount: $800,000,000
- Address: 195 Broadway
- Market: Financial District
- Buyer: L&L Holding
- Seller: JPMorgan Asset Management
- Brokers: Adam Spies, Doug Harmon, Kevin Donner, Josh King, Marcella Fasulo, and Adam Doneger of @CushWake
- Square Footage: 1,052,861
- Price Per Square Foot: $759
L&L Holding successfully acquired 95% of the building from JPMorgan Asset Management. It is important to note that L&L Holding already owned 5% of the property. Additionally, iStar/Safehold purchased the ground lease position at the property for $275,000,000.
Players
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
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93