Lincoln Property Co. Acquires Office Building On West 26th Street In Chelsea For $260M
SOLD
New York
See Similar DealsOffice165,000 SF
Sold 07/25/2018
SOLD
Lincoln Property Co. Acquires Office Building On West 26th Street In Chelsea For $260M
540 W 26th St, New York, NY 10001, USA
See Similar DealsOffice165,000 SF
Sold 07/25/2018
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1,575
Total Square Footage:165,000 SF
Transaction Type:Sale
The Silvermintz Family and Savanna Partners have sold a 165,000 square foot office property located at 540 West 26th Street in the Chelsea market of New York. The transaction was completed on July 25, 2018, with the property being acquired by Lincoln Property Co.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $260,000,000
- Address: 540 West 26th Street, New York
- Market: Chelsea
- Square Footage: 165,000
- Price per Square Foot: $1,575
- Seller: The Silvermintz Family & Savanna Partners
- Buyer: Lincoln Property Co. (@lpccommercial)
- Broker: @CushWake's Adam Spies, Doug Harmon, Adam Doneger, and Josh King
The transaction involved key individuals and companies such as Adam Spies, Doug Harmon, Adam Doneger, and Josh King from @CushWake as the brokers representing the parties involved in the deal.
Players
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Details
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30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$13,866,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$923,725.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,232,532.65
Annual Debt Service$14,790,391.75
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