LaSalle Investment Management Acquires Office Building In Lenox Hill For $95M
SOLD
New York
See Similar DealsOffice74,112 SF
Sold 07/14/2020
SOLD
LaSalle Investment Management Acquires Office Building In Lenox Hill For $95M
323 East 61st Street, Manhattan, New York, NY 10065, USA
See Similar DealsOffice74,112 SF
Sold 07/14/2020
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.
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Deal Type
30 years
10 years
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
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