Extell Acquires Office Building In Manhattan For $80 Million
2551 Broadway, New York, NY 10025, USA
Building Size
12,588 SF
Asset Type
Office
Closing
Oct 16, 2017
About this deal
AI
The office building located at 2551 Broadway in New York City has been sold for a price of $80,000,000. The property, situated in the Manhattan market, was listed by Williams Real Estate. Extell, represented by Gary Barnett from Extell Marketing Group, has acquired the property. The transaction was facilitated by Eastern Consolidated.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $80,000,000
- Seller: Williams Real Estate
- Buyer: Extell @ExtellmarketingGroup - Gary Barnett
- Broker: @EasternConsol
Gary Barnett from Extell Marketing Group played a pivotal role as the buyer's representative in this deal. The transaction signifies a significant investment in the Manhattan office market.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93