Fortress Investment Group Acquires Office Building In Gramercy For $50M
44 Union Square East, New York, NY, USA
$50,000,000
$712/SF
Building Size
70,174 SF
Asset Type
Office
Closing
Feb 3, 2021
About this deal
AI
An office property located at 44 Union Square in the Gramercy market was recently sold in a closed transaction. The property, measuring approximately 70,174 square feet, was purchased by Fortress Investment Group from Bank OZK for a total amount of $50,000,000.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $50,000,000
- Address: 44 Union Square
- Market: Gramercy
- Square Footage: 70,174
The transaction involved Fortress Investment Group as the buyer and Bank OZK as the seller. Peter Briger, Wesley Edens, and George Gleason were prominent figures associated with the 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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93