David Werner Acquires Office Site On East 42nd Street, New York For $360M With PfizerINC Selling
235 E 42nd St, New York, NY 10017, USA
$360,000,000
$32/SF
Building Size
11,000,000 SF
Asset Type
Office
Closing
Apr 9, 2018
About this deal
AI
The property involved in this closed transaction is located at 219 and 235 East 42nd Street in New York City, within the Manhattan A market. The asset type is an office building, with a future development potential. The property spans a total area of 1,100,000 square feet.
Summary of transaction details
- Property Type: Office (future dev. Site)
- Transaction Amount: $360,000,000
- Square Footage: 1,100,000 sf
- Price Per Square Foot: $327
- Address: 219 and 235 East 42nd Street, New York
- Market: Manhattan A
The seller in this transaction is Pfizer Inc., represented by Ian Read. The buyer is David Werner. The brokers involved in this deal are Adam Doneger, Doug Harmon, Adam Spies, Josh King, Kevin Donner, and Marcella Fasulo from Cushwake.
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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93