Artemis Real Estate Partners Acquires West Chelsea Office Building For $155M
511 W 25th St, New York, NY 10001, USA
$155,000,000
$83/SF
Building Size
1,850,000 SF
Asset Type
Office
Closing
May 29, 2019
About this deal
AI
Artemis Real Estate Partners has acquired an office property located at 511-541 West 25th Street in the West Chelsea market. The property spans 185,000 square feet and was sold for a price of $155 million, with a market value of $163 million. The purchase price per square foot for this transaction is $840.
Summary of Transaction Details:
- Property Type: Office
- Transaction Amount: $155 million
- Square Footage: 185,000
- Price per Square Foot: $840
- Address: 511-541 West 25th Street
- Market: West Chelsea
The seller of this property is PGIM Real Estate. David Hunt and Michael Bernstein represented Artemis Real Estate Partners as their brokers.
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
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93