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Stephen Benjamin Of The Dermot Co Acquires 20 Exchange Place From Jason Beren For $370M
SOLD
$370,000,000
New York
See Similar DealsOffice
Sold 07/31/2024
SOLD
Stephen Benjamin Of The Dermot Co Acquires 20 Exchange Place From Jason Beren For $370M
20 Exchange Place
See Similar DealsOffice
Sold 07/31/2024
Summary
NEW YORK
Asset Type:Office
Transaction Type:Sale
20 Exchange Place is a landmarked former office building located in Manhattan's Financial District. The property sold for a total of $370 million, featuring 767 units at a price per unit of approximately $482,399.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $370,000,000
- Buyer: Stephen Benjamin - The Dermot Co
- Seller: Jason Beren - DTH Capital
- Units: 767
- Price Per Unit: $482,399
Key individuals involved in this transaction include Stephen Benjamin, representing the buyer, The Dermot Co, and Jason Beren, representing the seller, DTH Capital, marking one of the largest multifamily deals in New York this year.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$19,733,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,314,531.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,753,988.77
Annual Debt Service$21,047,865.18
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