Harbor Group International Acquires Office Building In Midtown Manhattan For $760M
51 West 52nd Street, Manhattan, New York, NY, USA
$760,000,000
$930/SF
Building Size
817,095 SF
Asset Type
Office
Closing
Aug 15, 2021
About this deal
AI
Harbor Group International has purchased the office property located at 51 West 52nd Street in Midtown Manhattan for a price of $760,000,000. The property, previously owned by ViacomCBS, spans a significant square footage and is situated in a prime location within the Midtown Manhattan market.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $760,000,000
- Date: 08/16/2021
- Address: 51 West 52nd Street
- Market: Midtown Manhattan
The buyer representatives for this transaction were Jordan Slone and Richard Litton from Harbor Group International. On the other hand, the seller representatives were Robert M. Bakish and Naveen Chopra from ViacomCBS. The deal was facilitated by Darcy Stacom, Bill Shanahan, and Doug Middleton from CBRE.
It is worth noting that as part of the deal, ViacomCBS will retain a portion of the building and continue leasing it for their own office space. This is significant as ViacomCBS has owned and operated from this iconic building known as "Black Rock" since the 1960s.
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
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93