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.
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