New York City School Construction Authority Acquires Office Building In New York City For $50M
SOLD
$50,000,000
+ 2
New York
See Similar DealsOffice21,000 SF
Sold 04/05/2023
SOLD
New York City School Construction Authority Acquires Office Building In New York City For $50M
23-10 43rd Avenue
See Similar DealsOffice21,000 SF
Sold 04/05/2023
+ 2
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$2,381
Total Square Footage:21,000 SF
Transaction Type:Sale
The New York City School Construction Authority has acquired an office property located at 23-10 43rd Avenue in New York City. The property, with a size of 100,000 square feet, was sold by Axel Stawski for a price of $50,000,000. The transaction was facilitated by Woody Heller as the seller's representative and Ira Schuman, Richard Eaddy, and Joseph P. Byrnes from Savills as the buyer's representatives.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $50,000,000
- Address: 23-10 43rd Avenue, New York City
- Market: New York City
The New York City School Construction Authority, represented by Ira Schuman, Richard Eaddy, and Joseph P. Byrnes from Savills, successfully completed the acquisition of the office property from Axel Stawski. Woody Heller acted as Axel Stawski's representative in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,666,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$177,639.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$237,025.51
Annual Debt Service$2,844,306.11
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