Elad Group Acquires Office Building At 419 Park Avenue South For $72.18M With Brokers Albert Sultan & Marc Sitt
SOLD
$72,180,000
New York
See Similar DealsOffice191,000 SF
Sold 08/09/2024
SOLD
Elad Group Acquires Office Building At 419 Park Avenue South For $72.18M With Brokers Albert Sultan & Marc Sitt
419 Park Avenue South
See Similar DealsOffice191,000 SF
Sold 08/09/2024
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$377
Total Square Footage:191,000 SF
Transaction Type:Sale
The asset involved in the transaction is an office property located at 419 Park Avenue South in Manhattan. The sale price was $72,180,000 for a total square footage of 191,000, resulting in a price per square foot of $377.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $72,180,000
- Address: 419 Park Avenue South
- Market: Manhattan
- Square Footage: 191,000
- Price Per Square Foot: $377
- Buyer: Elad Group
- Seller: David Berley & Walter & Samuels, Inc
- Broker Representatives: Albert Sultan & Marc Sitt - KSR
- Date of Sale: 08/08/2024
The transaction featured key individuals including the buyer, Elad Group, and the sellers, David Berley alongside Walter & Samuels, Inc. The brokers facilitating the deal were Albert Sultan and Marc Sitt from KSR.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,849,600.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$256,440.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$342,170.02
Annual Debt Service$4,106,040.29
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