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Marathon Asset Management Acquires Office Building At 261 West 34th Street In Garment District, Manhattan For $16.8M

Property Image
SOLD
$16,845,257

New York

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Office
Sold 10/19/2023
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Property Image
SOLD

Marathon Asset Management Acquires Office Building At 261 West 34th Street In Garment District, Manhattan For $16.8M

261 West 34th Street

See Similar Deals
Office
Sold 10/19/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Office
Transaction Type:Sale

Marathon Asset Management, acting through the entity 263 W 34th Street Lender, LLC, has acquired the office building located at 261 West 34th Street in Manhattan's Garment District. The property was purchased in a foreclosure process, and the sale price was $16,845,257.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $16,845,257
  • Address: 261 West 34th Street, Garment District, Manhattan
  • Buyer: Bruce Richards - Marathon Asset Management
  • Seller: Sorabh Maheshwari - Churchill Real Estate Holdings

Bruce Richards, representing Marathon Asset Management, was the buyer in this transaction. Sorabh Maheshwari, representing Churchill Real Estate Holdings, acted as the seller. The acquisition of the office building on 261 West 34th Street marks Marathon Asset Management's expansion in Manhattan's Garment District.

Players

MM
Marathon Asset Management
BUYER
Sorabh Maheshwari
Churchill Real Estate
Sorabh Maheshwari
4 deals$71.8M volume
SELLER

Details

SOLD
IMAGE: Bruce Richards & Sorabh Maheshwari DATE: 10/19/2023 ADDRESS: 261 West 34th Street MARKET: Garment District, Manhattan ASSET TYPE: Office BUYER: Bruce Richards - Marathon Asset Management SELLER: Sorabh Maheshwari - Churchill Real Estate Holdings SALE PRICE: $16,845,257 NOTE: Marathon Asset Management, acting through the entity 263 W 34th Street Lender, LLC, has acquired the office building at 261 West 34th Street in Manhattan's Garment District in a foreclosure process.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$898,413.70

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$59,847.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$79,855.11
Annual Debt Service$958,261.35