Michael J. Ferrara Sells NoMad Office Building For $52.5M
SOLD
$52,500,000
New York
See Similar DealsOffice59,858 SF
Sold 05/07/2020
SOLD
Michael J. Ferrara Sells NoMad Office Building For $52.5M
260 5th Avenue NoMad
See Similar DealsOffice59,858 SF
Sold 05/07/2020
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$877
Total Square Footage:59,858 SF
Transaction Type:Sale
260 5th Avenue, located in NoMad, was recently sold in a closed transaction. The property, which is an office asset, was sold on 05/07/2021. The sale price for this transaction was $52,500,000, and the property spans across 59,858 square feet, resulting in a price per square foot of $877.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $52,500,000
- Address: 260 5th Avenue
- Market: NoMad
Andrew Zang and Greg Albert of avills represented the buyer in this transaction, while Michael J. Ferrara of raxRealtyNYC served as the seller's representative.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,800,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$186,521.40
Cash-on-Cash Return-1.27%
Monthly Debt Service$248,876.78
Annual Debt Service$2,986,521.41
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