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Vornado Realty Trust And The Albanese Organization Sell Chelsea Office Building For $205 Million
SOLD
$205,000,000
New York
See Similar DealsOffice173,000 SF
Sold 05/15/2025
SOLD
Vornado Realty Trust And The Albanese Organization Sell Chelsea Office Building For $205 Million
512 West 22nd Street
See Similar DealsOffice173,000 SF
Sold 05/15/2025
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1,185
Total Square Footage:173,000 SF
Transaction Type:Sale
512 West 22nd Street is an office asset in Manhattan with a sale price of $205,000,000. The building encompasses 173,000 square feet, translating to a price per square foot of $1,185.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $205,000,000
- Square Footage: 173,000
- Address: 512 West 22nd Street
- Market: Manhattan
- Price per Square Foot: $1,185
- Seller: Steven Roth - Vornado Realty Trust
- Seller: Russell C. Albanese - The Albanese Organization
A joint venture between Vornado Realty Trust and The Albanese Organization has facilitated this sale, with closing expected next quarter for the office building located in Chelsea.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$10,933,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$728,321.71
Cash-on-Cash Return-1.27%
Monthly Debt Service$971,804.59
Annual Debt Service$11,661,655.03
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