Sioni Group Acquires Office Building At 38 West 21st Street For $31 Million
38 West 21st Street
$31,000,000
$450/SF
Building Size
68,808 SF
Asset Type
Office
Closing
Jun 29, 2026
About this deal
AI
The asset involved in this transaction is an office property located at 38 West 21st Street, situated in the Flatiron District. The sale price was $31,000,000, and the property encompasses a total area of 68,808 square feet with a price per square foot of $450.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $31,000,000
- Address: 38 West 21st Street
- Market: Flatiron District
- Square Footage: 68,808
- Price per Square Foot: $450
- Buyer: Sioni Group
- Brokers: Robert Knakal, Faraz Cheema, Brennan Lee, Ryan Candel - BKREA
The deal involved key representatives from BKREA, including Robert Knakal, Faraz Cheema, Brennan Lee, and Ryan Candel, who facilitated the transaction for the buyer, Sioni Group. Their collective expertise contributed to the successful completion of this property deal.
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
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93