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Williams Equities Acquires Office Building At 470 Park Avenue South For $147.5 Million

Property Image
SOLD
$147,500,000
Will Silverman
Jeff Organisciak
+ 1

New York

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Office299,888 SF
Sold 12/30/2024
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Property Image
SOLD

Williams Equities Acquires Office Building At 470 Park Avenue South For $147.5 Million

470 Park Avenue South

See Similar Deals
Office299,888 SF
Sold 12/30/2024
Will Silverman
Jeff Organisciak
+ 1
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$491
Total Square Footage:299,888 SF
Transaction Type:Sale

The asset involved in this transaction is an office property located at 470 Park Avenue South in the Midtown South market. The sale price for the property was $147,500,000, encompassing a total square footage of 299,888, resulting in a price per square foot of $491.

Summary of transaction details:

The key individuals and companies involved in this transaction were Williams Equities as the buyer, and PGIM & SJP as the sellers. The transaction was represented by brokers Will Silverman, Gary Phillips, Jeff Organisciak, and Alana Bassen from Eastdil Secured.

Players

Jeff Organisciak
35 deals$8.7B volume
BROKER

Gary Phillips
Eastdil Secured
89 deals$34.9B volume
BROKER

Will Silverman
Eastdil Secured
72 deals$28.1B volume
BROKER

Alana Bassen
Eastdil Secured
17 deals$10.7B volume
BROKER

Details

SOLD
IMAGE: Gary Phillips, Jeff Organisciak, Michael Cohen, Alana Bassen & Will Silverman DATE: 12/30/2024 ADDRESS: 470 Park Avenue South MARKET: Midtown South ASSET TYPE: Office BUYER: Williams Equities SELLER: PGIM (@PGIM) & SJP BROKERS: Will Silverman (@Wilverman1978), Gary Phillips (@Garyty123), Jeff Organisciak & Alana Bassen (@AlanaBassen) - Eastdil Secured (@EastdilSecured) SALE PRICE: $147,500,000 SF: 299,888 ~ PPSF: $491

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$524,036.34
Cash-on-Cash Return-1.27%
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