ViacomCBS Acquires Office Building In Hells Kitchen For $26.75M
SOLD
$26,750,000
New York
See Similar DealsOffice23,906 SF
Sold 02/03/2021
SOLD
ViacomCBS Acquires Office Building In Hells Kitchen For $26.75M
500 W 57th St, Manhattan, New York, NY, USA
See Similar DealsOffice23,906 SF
Sold 02/03/2021
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1,119
Total Square Footage:23,906 SF
Transaction Type:Sale
500 W. 57th St., located in Hells Kitchen, has been sold in a transaction worth $26,750,000. The property, categorized as an office, spans a total area of 23,906 square feet. The price per square foot for this sale is $1,118. The buyer of the property is ViacomCBS, while the seller is Extell. The previous recorded sale for this property was $19 million in September 2017.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $26,750,000
- Address: 500 W. 57th St.
- Market: Hells Kitchen
- Zoning: C2-7
- Buyer: ViacomCBS
- Seller: Extell
- Sale Date: 02/03/2021
- Building Square Footage: 23,906
- Price per Square Foot: $1,118
- Last Sale: $19 million (9/2017)
George Cheeks and Gary Barnett were involved in this transaction representing ViacomCBS and Extell respectively.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,426,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$95,037.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$126,808.65
Annual Debt Service$1,521,703.77
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