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317 Malcolm X Boulevard, Ma...

David Werner Acquires Office Building In Harlem For $60M
SOLDOffice

David Werner Acquires Office Building In Harlem For $60M

317 Malcolm X Boulevard, Manhattan, New York, NY, USA

$60,000,000

$375/SF

Building Size

160,000 SF

Asset Type

Office

Closing

Apr 14, 2021

AI

Located in Harlem, the office building at 317 Lennox Avenue was recently sold in a transaction valued at $60,000,000. The property spans approximately 160,000 square feet, resulting in a price per square foot of $375. The sale was completed on April 15, 2021.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $60,000,000
  • Address: 317 Lennox Avenue, Harlem
  • Market: Harlem
  • Buyer: David Werner
  • Seller: @BrookfieldProperties
  • Brokers: Evan Layne, Brett Siegel & Henry Fox @Newmark
  • Square Footage: 160,000
  • Price per Square Foot: $375

The sale of 317 Lennox Avenue was facilitated by brokers Evan Layne, Brett Siegel, and Henry Fox from Newmark. The buyer, David Werner, acquired the property from the seller, @BrookfieldProperties.

Players

Brett Siegel

Newmark

Broker

$6.4B

vol

76 deals

Broker
Brookfield Properties
Brookfield PropertiesBrokerage
David Werner

David Werner

Buyer

$2.2B

vol

18 deals

Buyer

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

0.26%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93