Empire Capital & Namdar Realty Acquire 529 5th Avenue Office For $107.5M
529 5th Ave New York, NY 10017, USA
$107,500,000
$382/SF
Building Size
281,000 SF
Asset Type
Office
Closing
Jun 26, 2023
About this deal
AI
The office building located at 529 5th Avenue in New York City has been sold for a price of $107,500,000. The property spans across 281,000 square feet with a price per square foot of $382.5. The transaction took place on June 26, 2023. The buyer of the property is Empire Capital & Namdar Realty, while the seller is Silverstein Properties.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $107,500,000
- SF: 281,000
- PPSF: $382.5
The deal was facilitated by a team of brokers from Newmark, including Adam Spies, Douglas Harmon, Joshua King, Adam Doneger, Avery Silverstein, Dustin Stolly, and Jordan Roeschlaub. They represented both the buyer and the seller in this transaction.
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
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93