Ben Meshel & Adam Ibrahim Of Candor Capital Acquire Office Building In Manhattan For $12M
SOLD
$12,000,000
New York
See Similar DealsOffice19,200 SF
Sold 10/14/2022
SOLD
Ben Meshel & Adam Ibrahim Of Candor Capital Acquire Office Building In Manhattan For $12M
345 East 37th Street
See Similar DealsOffice19,200 SF
Sold 10/14/2022
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$625
Total Square Footage:19,200 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$640,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$42,633.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$56,886.12
Annual Debt Service$682,633.47
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