LaSalle Investment Management Acquires Office Building In Lenox Hill For $95M
323 East 61st Street, Manhattan, New York, NY 10065, USA
$95,000,000
$1,281/SF
Building Size
74,112 SF
Asset Type
Office
Closing
Jul 14, 2020
About this deal
AI
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
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93