IStar Acquires Office Building In Financial District For $90.5M
SOLD
$90,518,795
New York
See Similar DealsOffice973,422 SF
Sold 06/25/2020
SOLD
IStar Acquires Office Building In Financial District For $90.5M
32 Old Slip, Manhattan, New York, NY, USA
See Similar DealsOffice973,422 SF
Sold 06/25/2020
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$93
Total Square Footage:973,422 SF
Transaction Type:Sale
The property involved in this transaction is an office space located at 32 Old Slip in the Financial District. The office space spans a total of 973,422 square feet. The sale price for this property was $90,518,795.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $90,518,795
The buyer in this transaction was iStar, represented by Jay Sugarman. The seller was Melohn Properties, represented by Leon Melohn. The landlord of this property is @RXR_Realty.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,827,669.07
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$321,594.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$429,105.27
Annual Debt Service$5,149,263.23
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