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Schwalbe Family Acquires Office Building In Garment District Manhattan For $25.1M
SOLD
$25,100,000
New York
See Similar DealsOffice133,544 SF
Sold 06/06/2024
SOLD
Schwalbe Family Acquires Office Building In Garment District Manhattan For $25.1M
390 5th Avenue
See Similar DealsOffice133,544 SF
Sold 06/06/2024
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$188
Total Square Footage:133,544 SF
Transaction Type:Sale
The property asset involved in the transaction is located at 390 5th Avenue in the Garment District of Manhattan. The sale price for this office asset was $25,100,000, and it encompasses a total square footage of 133,544 with a price per square foot of $188.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $25,100,000
- Address: 390 5th Avenue
- Market: Garment District, Manhattan
- Square Footage: 133,544
- Price per Square Foot: $188
- Buyer: Schwalbe Family
- Seller: Jerome Berko
The Schwalbe family's Hilson Management was represented in this transaction by 390 Manager LLC. They acquired their longtime partner KMF Holding Corporation, which is owned by the Berko family, securing ownership of the property through this deal.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,338,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$89,174.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$118,986.81
Annual Debt Service$1,427,841.67
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