Savanna Acquires Office Building On Fifth Ave From SLGreen_Realty For $381M
521 Fifth Avenue, New York, NY, USA
$381,000,000
$828/SF
Building Size
460,000 SF
Asset Type
Office
Closing
Mar 27, 2019
About this deal
AI
Located at 521 Fifth Ave, an office property is currently under contract. The property spans an area of 460,000 square feet, with a price per square foot of $828. The transaction involves the purchase of the property by Savanna from the seller, SLGreen_Realty, for a total price of $381 million. The deal is being facilitated by brokers Darcy Stacom and Bill Shanahan from CBRE.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $381M
- Square Footage: 460,000
- Price per Square Foot: $828
- Buyer: Savanna
- Seller: SLGreen_Realty
- Brokers: Darcy Stacom - CBRE, Bill Shanahan - CBRE
The involvement of Savanna as the buyer, SLGreen_Realty as the seller, and Darcy Stacom and Bill Shanahan from CBRE as the brokers are key players in this real estate deal. The transaction is expected to be a significant move in the office property market.
Players
Watervliet 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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93