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540 W 26th St, New York, NY...

Updated Dec 4, 2024

Lincoln Property Co. Acquires Office Building On West 26th Street In Chelsea For $260M
SOLDOffice

Lincoln Property Co. Acquires Office Building On West 26th Street In Chelsea For $260M

540 W 26th St, New York, NY 10001, USA

$260,000,000

$1,575/SF

Building Size

165,000 SF

Asset Type

Office

Closing

Jul 24, 2018

About this deal

AI

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.

On the Map

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$260,000,000

$1,575/SF

Office

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Players

Adam Doneger

Newmark

Broker

$54.8B

vol

199 deals

Broker
Adam Spies
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Adam Spies

Newmark

Broker

$76.8B

vol

276 deals

Broker
Lincoln Property Company
Lincoln Property CompanyBrokerage
Lincoln Property Company
Lincoln Property CompanyBuyer

Silvermintz Family

Savanna Partners

Seller

$517M

vol

2 deals

Seller
Bilt advertisement

New York Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $1.6K per square foot on a published $260M for 165,000 square feet (2018).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.06%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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