Artemis Partners Acquires Office Building In Midtown East For $9.5M
SOLD
$9,500,000
New York
See Similar DealsOffice106,260 SF
Sold 06/05/2019
SOLD
Artemis Partners Acquires Office Building In Midtown East For $9.5M
32 E 39th St, New York, NY 10016, USA
See Similar DealsOffice106,260 SF
Sold 06/05/2019
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$89
Total Square Footage:106,260 SF
Transaction Type:Sale
The office property located at 32 East 39th Street in Midtown East has been sold in a closed transaction. The property spans a total of 10,626 square feet. The asking price for the property was $10,450,000, and it was ultimately sold for $9,500,000. This translates to a price per square foot of $894.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $9,500,000
- Address: 32 East 39th Street
- Market: Midtown East
- Square Footage: 10,626
- Price Per Square Foot: $894
The seller of the property was Kipany, represented by James Colligan. On the other hand, the buyer was Artemis Partners, with David Matteini leading the transaction. The seller's representatives in the deal were Stephen Bell, Nick Biedron, and John Stewart from Marcus and Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$506,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$33,751.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$45,034.85
Annual Debt Service$540,418.16
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