Savanna Acquires New York Property At 48 W 25th St For $100 Million With Newmark Representation
48 W 25th St, New York, NY, 10010
$100,000,000
$792/SF
Building Size
126,256 SF
Asset Type
Office
Closing
Dec 14, 2018
About this deal
AI
A 12-story office and retail building located at 48 W 25th St, New York, NY, in the New York market has been sold for $100,000,000. The property spans a total area of 126,256 square feet and was originally constructed in 1920. The buyer, Savanna, intends to undertake a $21 million capital improvement plan, which will include a complete lobby renovation and necessary roof and façade repairs.
Summary of transaction details:
- Property Type: Office and Retail
- Transaction Amount: $100,000,000
- Square Footage: 126,256
- Address: 48 W 25th St, New York, NY, 10010
- Buyer: Savanna
- Seller's Representatives: Joshua (Josh) King (Newmark), Adam Doneger (Newmark), Adam Spies (Newmark)
The transaction was facilitated by the seller's representatives from Newmark, specifically Adam Spies, Adam Doneger, and Josh King. The seller was identified as a longstanding family ownership prior to the sale to Savanna.
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
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93