Empire Capital & Namdar Realty Acquire 529 5th Avenue Office For $107.5M
SOLD
$107,500,000
+ 3
New York
See Similar DealsOffice281,000 SF
Sold 06/26/2023
SOLD
Empire Capital & Namdar Realty Acquire 529 5th Avenue Office For $107.5M
529 5th Ave New York, NY 10017, USA
See Similar DealsOffice281,000 SF
Sold 06/26/2023
+ 3
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$382
Total Square Footage:281,000 SF
Transaction Type:Sale
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
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BUYER
SELLER
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,733,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$381,924.81
Cash-on-Cash Return-1.27%
Monthly Debt Service$509,604.84
Annual Debt Service$6,115,258.13
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