Ben Meshel & Adam Ibrahim Of Candor Capital Acquire Office Building In Manhattan For $12M
345 East 37th Street
$12,000,000
$625/SF
Building Size
19,200 SF
Asset Type
Office
Closing
Oct 14, 2022
AI
The office property located at 345 E 37th Street in Manhattan has been sold for a total price of $12,000,000. The property spans across 19,200 square feet with a price per square foot of $625. The transaction took place on October 14, 2022.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $12,000,000
- Square Footage: 19,200
- Price per Square Foot: $625
- Address: 345 E 37th Street, Manhattan
- Market: Manhattan
The buyer of the property is a partnership between Ben Meshel and Adam Ibrahim, represented by Candor Capital. The seller of the property is Turtle Bay Music School. The deal was facilitated by broker David Carlos.
Note from Candor Capital: The tenant of the office property is the New York Department of Education.
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
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93