facebook
Traded Co logo
Submit

Loftex Home - USA Acquires Office Condominium In Midtown West For $10.75M

Property Image
SOLD
$10,750,000
Michael Rudder
Jack Sitt
Joseph Sitt

New York

See Similar Deals
Office11,158 SF
Sold 10/03/2021
the dealplayerscompscontact
Property Image
SOLD

Loftex Home - USA Acquires Office Condominium In Midtown West For $10.75M

24 West 40th Street, Manhattan, New York, NY 10018, USA

See Similar Deals
Office11,158 SF
Sold 10/03/2021
Michael Rudder
Jack Sitt
Joseph Sitt
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$963
Total Square Footage:11,158 SF
Transaction Type:Sale

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

Michael Rudder
Rudder Property Group
Michael Rudder
23 deals$198.3M volume
BROKER
Jack Sitt
Thor Equities
Jack Sitt
8 deals$328.5M volume
SELLER
Joseph Sitt
Thor Equities
Joseph Sitt
37 deals$1.1B volume
SELLER

Details

SOLD
IMAGE: Jack Sitt, Joseph Sitt & Michael Rudder DATE: 10/03/2021 ADDRESS: 24 West 40th Street MARKET: Midtown West ASSET TYPE: Office Condominium BUYER: Loftex Home – USA SELLER: Thor Equities (@ThorEquities) - Joseph Sitt & Jack Sitt BROKER: Michael Rudder (@MichaelRudder) - Rudder Property Group (@RudderPropertyGroup) SALE PRICE: $10,750,000 SF: 11,158 ~ PPSF: $963

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$573,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$38,192.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$50,960.48
Annual Debt Service$611,525.81