Shimizu Acquires Office Building In Midtown East For $147M
SOLD
$147,000,000
+ 1
New York
See Similar DealsOffice187,000 SF
Sold 11/14/2020
SOLD
Shimizu Acquires Office Building In Midtown East For $147M
305 East 46th Street
See Similar DealsOffice187,000 SF
Sold 11/14/2020
+ 1
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$786
Total Square Footage:187,000 SF
Transaction Type:Sale
The property involved in the transaction is an office located at 305 E 46th Street in Midtown East. The seller, Vanbarton Group, sold the property to the buyer, Shimizu, for a sale price of $147,000,000. The office has a total square footage of 187,000, resulting in a price per square foot of $786.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $147,000,000
- Square Footage: 187,000
- Price per Square Foot: $786
- Address: 305 E 46th Street
- Market: Midtown East
The deal involved several individuals and companies. The seller, Vanbarton Group, was represented by brokers Gary Phillips, Will Silverman, Steve Binswanger, and Bruer Kershner. The buyer, Shimizu, had their own representative in the deal.
Players
BROKERAGE
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,840,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$522,259.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$696,855.00
Annual Debt Service$8,362,259.95
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