Raghsa Real Estate Acquires Office Asset From Vornado Realty Trust In Manhattan For $205M
SOLD
$205,000,000
+ 1
New York
See Similar DealsOffice172,000 SF
Sold 05/15/2025
SOLD
Raghsa Real Estate Acquires Office Asset From Vornado Realty Trust In Manhattan For $205M
512 West 22nd Street
See Similar DealsOffice172,000 SF
Sold 05/15/2025
+ 1
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1,191
Total Square Footage:172,000 SF
Transaction Type:Sale
The property involved in this transaction is an office asset located at 512 West 22nd Street in Manhattan. It has a total square footage of 172,000 and was sold for a price of $205,000,000, which translates to a price per square foot of $1,191.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $205,000,000
- Buyer: Raghsa Real Estate
- Seller: Vornado Realty Trust
- Seller's Representative: Gary Phillips, Will Silverman, Jeff Organisciak & Alana Bassen - Eastdil Secured
- Market: Manhattan
- Square Footage: 172,000
- Price per Square Foot: $1,191
The deal was facilitated by a team of representatives from Eastdil Secured, including Gary Phillips, Will Silverman, Jeff Organisciak, and Alana Bassen, who represented the seller, Vornado Realty Trust, during the transaction.
Players
SELLER
Details
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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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