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LaSalle Investment Management Acquires Office Building In Lenox Hill For $95M

Property Image
SOLD
$95,000,000
Douglas (Doug) Harmon
Adam Spies
+ 1

New York

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Office74,112 SF
Sold 07/14/2020
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Property Image
SOLD

LaSalle Investment Management Acquires Office Building In Lenox Hill For $95M

323 East 61st Street, Manhattan, New York, NY 10065, USA

See Similar Deals
Office74,112 SF
Sold 07/14/2020
Douglas (Doug) Harmon
Adam Spies
+ 1
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$1,281
Total Square Footage:74,112 SF
Transaction Type:Sale

An office property located at 323 East 61st Street in Lenox Hill has been sold for $95,000,000. The property spans across 74,112 square feet.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $95,000,000
  • Address: 323 East 61st Street
  • Market: Lenox Hill
  • Buyer: LaSalle Investment Management - Richard Reese
  • Seller: William Macklowe Company - Billy Macklowe
  • Brokers: Adam Spies, Doug Harmon, Josh King, and Adam Doneger at CushWake

The sale of the property was facilitated by brokers Adam Spies, Doug Harmon, Josh King, and Adam Doneger from CushWake. The buyer, LaSalle Investment Management, was represented by Richard Reese. The seller, William Macklowe Company, was represented by Billy Macklowe.

Players

Adam Doneger
189 deals$50B volume(516) 317-7837
BROKER

Adam Spies
Newmark
260 deals$71.4B volume(212) 841-7500
BROKER

Douglas (Doug) Harmon
Newmark
128 deals$47.3B volume
BROKER

Joshua King
Newmark
114 deals$32.5B volume(212) 850-5427
BROKER

Cushman & Wakefield
BROKERAGE

JLL
BROKERAGE

JLL
BUYER

Details

SOLD
IMAGE: SALE IMAGE: Adam Spies, Adam Doneger, Billy Macklowe, Richard Reese, Doug Harmon & Josh King DATE: 07/14/2021 ADDRESS: 323 East 61st Street MARKET: Lenox Hill ASSET TYPE: Office ~ SF: 74,112 BUYER: LaSalle Investment Management - Richard Reese SELLER: William Macklowe Company - Billy Macklowe BROKERS: Adam Spies, Doug Harmon, Josh King & Adam Doneger @CushWake SALE PRICE: $95,000,000

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,066,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$337,514.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$450,348.47
Annual Debt Service$5,404,181.60