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Charles Cohen Of Cohen Brothers Realty Sells 3 East 54th Street Office For $188M In Midtown Manhattan
SOLD
$188,000,000
New York
See Similar DealsOffice300,000 SF
Sold 09/02/2025
SOLD
Charles Cohen Of Cohen Brothers Realty Sells 3 East 54th Street Office For $188M In Midtown Manhattan
3 East 54th Street
See Similar DealsOffice300,000 SF
Sold 09/02/2025
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$626
Total Square Footage:300,000 SF
Transaction Type:Sale
The property asset involved in this transaction is located at 3 East 54th Street in Midtown Manhattan, categorized as an office space. The transaction has a total amount of $188,000,000, with the property covering a square footage of 300,000. The price per square foot is approximately $627.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $188,000,000
- Address: 3 East 54th Street
- Market: Midtown Manhattan
- Seller: Charles Cohen - Cohen Brothers Realty
- Square Footage: 300,000
- Price per Square Foot: $627
Charles Cohen, the owner of the Midtown office tower, is facing $187 million in personal loan obligations. He has opted to sell the property at 3 East 54th Street, following a recent transaction involving 623 Fifth Avenue. The proceeds from this sale will only cover part of his outstanding debt.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$10,026,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$667,924.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$891,215.91
Annual Debt Service$10,694,590.96
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