Jeffrey Kaplan Acquires 218 West 18 Street Office In Chelsea, Manhattan For $170M
218 West 18th Street, New York City, New York 10011, United States
$170,000,000
$1,016/SF
Building Size
167,210 SF
Asset Type
Office
Closing
Dec 2, 2021
About this deal
AI
An office property located at 218 West 18 Street in Chelsea, Manhattan has been sold in a closed transaction. The property is zoned as C6-2A and has a gross square footage (BSF) of 64,865. The price for this transaction was $170,000,000, with a price per BSF (PPBSF) of $2,621. The total square footage (SF) of the property is 167,210, resulting in a price per square foot (PPSF) of $1,017. The property has a floor area ratio (FAR) of 15.52 and falls under tax class 4. The lot size is 10,775 square feet, and the last recorded sale price was $174,700,000 on November 10, 2017. The lot dimensions measure 100 feet by 142.5 feet.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $170,000,000
- Market: Chelsea, Manhattan
- Buyer: Jeffrey Kaplan
- Seller: Kevin A Hoover
Jeffrey Kaplan acted as the buyer in this transaction, while Kevin A Hoover represented the seller as their broker. This closed deal represents a significant transaction in the Chelsea, Manhattan market.
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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93