David Werner Acquires 40 Fulton St. Office Building In Financial District For $110M
40 Fulton Street, New York City, New York 10038, United States
$110,000,000
$438/SF
Building Size
251,000 SF
Asset Type
Office
Closing
Sep 7, 2022
About this deal
AI
The 29-story office building located at 40 Fulton Street in the Financial District has been sold in a transaction valued between $105 million and $110 million. The property, totaling 251,000 square feet, was acquired by investor David Werner from Vornado Realty Trust, represented by Steven Roth and Michael Franco.
Summary of transation details
- Property Type: Office
- Transaction Amount: $110,000,000
- Address: 40 Fulton St.
- Market: Financial District
- Buyer: David Werner
- Seller: Vornado Realty Trust - Steven Roth & Michael Franco
- Brokers: Evan Layne & Brett Siegel - Newmark
This notable deal was brokered by Evan Layne and Brett Siegel from Newmark. The property boasts a desirable location in the bustling Financial District, offering potential for future growth and return on investment.
On the Map
$110,000,000
$438/SF
Office
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Players
New York Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93