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Dario Zar Of Zar Property NY Acquires Office Building In Flatiron District For $27M

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SOLD
$27,000,000

New York

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Office67,051 SF
Sold 08/29/2024
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SOLD

Dario Zar Of Zar Property NY Acquires Office Building In Flatiron District For $27M

37 East 18th Street

See Similar Deals
Office67,051 SF
Sold 08/29/2024
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$402
Total Square Footage:67,051 SF
Transaction Type:Sale

The office asset involved in the transaction is located at 37 East 18th Street in the Flatiron District of Manhattan. The property was sold for a total of $27,000,000, encompassing a total square footage of 67,051, resulting in a price per square foot of $403.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $27,000,000
  • Address: 37 East 18th Street
  • Market: Flatiron District, Manhattan
  • Buyer: Dario Zar - Zar Property NY
  • Seller: Norman Sheer, Sari Greenbaum & Steve Kerler - 37-41 East 18th Street Realty Co., LLC
  • Broker: Robert Knakal - BK Real Estate Advisors
  • Square Footage: 67,051
  • Price per Square Foot: $403

Dario Zar represented Zar Property NY in the acquisition of the office building, while the seller group, 37-41 East 18th Street Realty Co., LLC, included Norman Sheer, Sari Greenbaum, and Steve Kerler. The transaction was brokered by Robert Knakal from BK Real Estate Advisors.

Players

Robert (Bob) Knakal
64 deals$3.2B volume(907) 509-9501
BROKER

Details

SOLD
IMAGE: Robert Knakal & Dario Zar DATE: 08/29/2024 ADDRESS: 37 East 18th Street MARKET: Flatiron District, Manhattan ASSET TYPE: Office BUYER: Dario Zar - Zar Property NY (@ZarPropertyNY) SELLER: Norman Sheer, Sari Greenbaum & Steve Kerler - 37-41 East 18th Street Realty Co., LLC BROKER: Robert Knakal (@BobKnakalNYC) - BK Real Estate Advisors SALE PRICE: $27,000,000 SF: 67,051 ~ PPSF: $403 NOTE: Zar Property NY acquired the office building at 37 East 18th Street, Flatiron District, Manhattan for $27 million from 37-41 East 18th Street Realty Co.

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

$1,440,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$95,925.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$127,993.77
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