Spear Street Capital Acquires Office & Retail Building In SoHo, Manhattan For $48.1M
30 Howard Street & 32 Howard Street
$48,100,000
$800/SF
Building Size
30,034 SF
Asset Type
Office
Closing
Oct 12, 2023
About this deal
AI
A mixed-use building located at 30 Howard Street in Manhattan's SoHo neighborhood has been sold for $48.1 million. The five-story property, previously owned by Intercontinental Real Estate Group, combines office and retail space.
Summary of transaction details
- Property Type: Office & Retail
- Transaction Amount: $48,100,000
- Buyer: Rajiv Patel - Spear Street Capital
- Seller: Thomas R. Taranto Jr - Intercontinental Real Estate and KPG Funds
- Date: 10/12/2023
- Address: 30-32 Howard Street
- Market: Soho, Manhattan
- Building Size: 30,230 sq ft
- Price per Building Square Foot: $1,591
- Lot Size: 30,034 sq ft
- Price per Square Foot: $1,602
Rajiv Patel of Spear Street Capital has acquired the property, while Thomas R. Taranto Jr represented Intercontinental Real Estate and KPG Funds in the deal.
On the Map
$48,100,000
$800/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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93