Empire Capital Acquires Office Assets At 256 West 38th Street And 229 West 36th Street For $40.8M
256 West 38th Street & 229 West 36th Street
$40,800,000
$156/SF
Building Size
160,000 SF
Asset Type
Office
Closing
Jun 2, 2025
About this deal
AI
The property asset involved in the transaction is located at 256 West 38th Street & 229 West 36th Street, situated in the Midtown South market. The asset type is classified as office space, with a total sale price of $40,800,000. The total square footage of the property is 267,000, resulting in a price per square foot of $153.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $40,800,000
- Address: 256 West 38th Street & 229 West 36th Street
- Market: Midtown South
- Square Footage: 267,000
- Price Per Square Foot: $153
- Buyer: Empire Capital
- Seller: CIBC
- Seller's Representative: Doug Middleton & Jack Stillwagon - CBRE
Empire Capital acted as the buyer in this transaction, acquiring the property from CIBC, which served as the seller. The transaction involved representation by Doug Middleton and Jack Stillwagon from CBRE, specifically representing CIBC in the deal.
On the Map
$40,800,000
$156/SF
Office
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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
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93