Network Capital Funding Acquires Office Building In Chelsea, Manhattan For $17.5M
453 West 17th Street
$17,500,000
$987/SF
Building Size
17,720 SF
Asset Type
Office
Closing
Jun 20, 2023
About this deal
AI
Network Capital Funding has purchased the office building located at 453 West 17th Street in Chelsea, Manhattan for $17.5 million. The property, sold by Neal Wainland and Robert Wainland of The N.E.W. Corp, boasts 17,720 square feet of built space.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $17,500,000
- Square Footage: 17,720
Network Capital Funding, represented by Hung Vu Ngyun and Tri Minh Nguyen, acquired the property from The N.E.W. Corp. This deal marks a significant investment in the Chelsea, Manhattan market.
On the Map
$17,500,000
$987/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
0.91%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93