Spear Street Capital Acquires Office Building In Soho, Manhattan For $48.1M
SOLD
$48,100,000
+ 1
New York
See Similar DealsOffice38,710 SF
Sold
SOLD
Spear Street Capital Acquires Office Building In Soho, Manhattan For $48.1M
2 Crosby Street
See Similar DealsOffice38,710 SF
Sold
+ 1
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1,242
Total Square Footage:38,710 SF
Transaction Type:Sale
The office property located at 2 Crosby Street in Soho, Manhattan has been sold in a transaction. The property, covering an area of 38,710 square feet, was sold for a total price of $48,100,000. The sale price per square foot was $1,243. The transaction took place on October 16, 2023.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $48,100,000
- RSF: 38,710
- PPSF: $1,243
- Address: 2 Crosby Street
- Market: Soho, Manhattan
The buyer of the property was Spear Street Capital, while the seller was Intercontinental Real Estate Corporation. The deal was facilitated by the brokers Andrew Scandalios, David Giancola, Jennifer Zelko, and Alexander Riguardi of JLL.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,565,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$170,889.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$228,018.54
Annual Debt Service$2,736,222.47
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