Brickman Associates Acquires Office Building In Manhattan For $70.75M
256 W 38th St, New York, NY 10018, USA
Building Size
7,357 SF
Asset Type
Office
Closing
Oct 16, 2017
AI
The property involved in this transaction is an office located at 256 W 38th Street in New York City, specifically in the Manhattan market. The property was sold for a total price of $70,751,921.70. The seller of the property was NY Reit, while the buyer was Brickman Associates. The transaction was facilitated by the real estate brokerage firm Cushman & Wakefield.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $70,751,921.70
- Seller: NY Reit
- Buyer: Brickman Associates
- Broker: Cushman & Wakefield
This transaction highlights the collaborative efforts of NY Reit as the seller, Brickman Associates as the buyer, and Cushman & Wakefield as the brokerage firm. The deal signifies the successful transfer of ownership for the office property located at 256 W 38th Street in Manhattan.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93