Est4te Four Acquires 50 Varick St New York For $135 Million With Newmark's Representation
50 Varick St, New York, NY, 10013
$135,000,000
$900/SF
Building Size
150,000 SF
Asset Type
Office
Closing
Aug 8, 2017
About this deal
AI
The property asset involved in the transaction is located at 50 Varick St, New York, NY, 10013. The office condo spans 150,000 square feet and has a transaction price of $135,000,000. This unit comprises the fifth through seventh floors of the building and is situated in the New York market.
Summary of transaction details:
- Property Type: Office Condo
- Transaction Amount: $135,000,000.00
- Address: 50 Varick St, New York, NY, 10013
- Square Footage: 150,000
- Seller: New York REIT
- Buyer: Est4te Four
- Seller's Representatives: Kevin Donner (Newmark), Adam Doneger (Newmark), Adam Spies (Newmark), Douglas (Doug) Harmon (Newmark)
This transaction marks the first deal to close since New York REIT commenced its liquidation process. Est4te Four previously led the renovation of the Tribeca building in 2012, transforming the condo portion into studio spaces for Spring Studios, a U.K.-based entity. Est4te also held a $12 million stake in the building acquired in 2010. Representatives for Est4te did not provide immediate comments regarding 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
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93