David Werner Acquires Office Building In Harlem For $60M
SOLD
$60,000,000
+ 1
New York
See Similar DealsOffice160,000 SF
Sold 04/15/2021
SOLD
David Werner Acquires Office Building In Harlem For $60M
317 Malcolm X Boulevard, Manhattan, New York, NY, USA
See Similar DealsOffice160,000 SF
Sold 04/15/2021
+ 1
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$375
Total Square Footage:160,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,199,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$213,167.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$284,430.61
Annual Debt Service$3,413,167.33
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