Extell Acquires Office & Retail Building In Manhattan For $19M
500 W 57th St, New York, NY 10019, USA
Building Size
270,000 SF
Asset Type
Office
Closing
Sep 16, 2017
About this deal
AI
The property at 500 W 57th Street in New York, located in the Manhattan market, has been sold in a closed transaction. The property consists of both office and retail spaces, with a total area of 27,000 square feet. The transaction price for this property was $19,000,000, resulting in a price per square foot of $703.
Summary of transaction details
- Property Type: Office & Retail
- Transaction Amount: $19,000,000
- Square Footage: 27,000
- Price Per Square Foot: $703
The seller of the property was the Charles Ekblom Family Trust, while the buyer was Extell, represented by Gary Barnett. The brokerage firm involved in the deal was CSRE, with Chris Snyder acting as the broker for Extell.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93