Innovo Property Group Acquires Office Building On 452 5th Avenue, Midtown For $855M
SOLD
$855,000,000
+ 2
New York
See Similar DealsOffice865,000 SF
Sold 12/05/2021
SOLD
Innovo Property Group Acquires Office Building On 452 5th Avenue, Midtown For $855M
452 5th Avenue, Manhattan, New York, NY, USA
See Similar DealsOffice865,000 SF
Sold 12/05/2021
+ 2
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$988
Total Square Footage:865,000 SF
Transaction Type:Sale
The sale of an office asset in Midtown, located at 452 5th Avenue, has been completed. The transaction took place on 12/05/2021. The property, spanning an area of 865,000 square feet, was sold for a total price of $855,000,000, translating to a price per square foot of $988.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $855,000,000
- Square Footage: 865,000
- Address: 452 5th Avenue
- Market: Midtown
The buyer of the property was Innovo Property Group, while the seller was Property & Building Corp. Ltd. The deal was facilitated by the brokers Gary Phillips, Steve Binswanger, Will Silverman, Drew Isaacson, Eli Elefant, Andrew Chung, and Graham Stephens from Eastdil Secured.
NOTE: No additional information is available regarding financing or any other specific details of the transaction.Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$45,600,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$3,037,634.41
Cash-on-Cash Return-1.27%
Monthly Debt Service$4,053,136.20
Annual Debt Service$48,637,634.41
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