David Werner Acquires 40% Interest In 237 Park Ave. Office Tower For $195M
237 Park Avenue, New York, NY 10017
$195,000,000
$156/SF
Building Size
1,250,000 SF
Asset Type
Office
Closing
Jan 22, 2019
About this deal
AI
David Werner has acquired a 40% stake in the office tower located at 237 Park Ave. The transaction took place on January 23, 2019, with a sale price of $195,000,000. The property, which spans over 1,250,000 square feet, has a market value of $487,500,000. The seller of the property was RXR Realty and Walton Street Capital.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $195,000,000
- Address: 237 Park Ave.
- Square Feet: 1,250,000
The deal was facilitated by brokers Adam Spies, Adam Doneger, Josh King, Doug Harmon, and Marcella Fasulo from CushWake. It is worth noting that David Werner solely acquired the 40% stake and paid the aforementioned amount for this investment.
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
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93