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345 East 37th Street

Ben Meshel & Adam Ibrahim Of Candor Capital Acquire Office Building In Manhattan For $12M
SOLDOffice

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

David Carlos

Savills

Broker

$575.7M

vol

5 deals

Broker
Ben Meshel

Ben Meshel

Candor Capital

Buyer

$185.2M

vol

15 deals

Buyer

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