Loftex Home - USA Acquires Office Condominium In Midtown West For $10.75M
24 West 40th Street, Manhattan, New York, NY 10018, USA
$10,750,000
$963/SF
Building Size
11,158 SF
Asset Type
Office
Closing
Oct 3, 2021
AI
A sale transaction has recently taken place for an office condominium in Midtown West. The property is located at 24 West 40th Street and has a total square footage of 11,158. The sale price for this transaction was $10,750,000, resulting in a price per square foot of $963. The buyer of the property is Loftex Home - USA, while the seller is Thor Equities, represented by Joseph Sitt and Jack Sitt. The deal was brokered by Michael Rudder from Rudder Property Group.
Summary of transaction details
- Property Type: Office Condominium
- Transaction Amount: $10,750,000
- Address: 24 West 40th Street
- Market: Midtown West
The sale of this office condominium was facilitated by Michael Rudder from Rudder Property Group, who represented the seller, Thor Equities. The buyer, Loftex Home - USA, acquired the property at the aforementioned price. This transaction showcases the continued activity and demand within the Midtown West office 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
1.48%
Cash-on-Cash
-0.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93