Vornado Realty Trust And The Albanese Organization Sell Chelsea Office Building For $205 Million
512 West 22nd Street
$205,000,000
$1,185/SF
Building Size
173,000 SF
Asset Type
Office
Closing
May 15, 2025
About this deal
AI
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.
On the Map
$205,000,000
$1,185/SF
Office
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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
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93