Ken Xie Of Fortinet Acquires Office Building In Chelsea For $50.5M From Atlas Capital Group
SOLD
$50,500,000
New York
See Similar DealsOffice38,100 SF
Sold 12/31/2024
SOLD
Ken Xie Of Fortinet Acquires Office Building In Chelsea For $50.5M From Atlas Capital Group
548 West 22nd Street
See Similar DealsOffice38,100 SF
Sold 12/31/2024
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1,325
Total Square Footage:38,100 SF
Transaction Type:Sale
The asset involved in this transaction is an office property located at 548 West 22nd Street in the Chelsea market, consisting of 38,100 square feet. The property was sold for a total price of $50,500,000, translating to a price per square foot of $1,325.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $50,500,000
- Square Footage: 38,100
- Address: 548 West 22nd Street
- Market: Chelsea
- Buyer: Ken Xie - Fortinet
- Seller: Jeffrey A. Goldberger, Andrew B. Cohen - Atlas Capital Group
- Brokers: Bernadette Brennan, Ariel Sassoon & Ryan Serhant - Serhant
The transaction involved key individuals, including Ken Xie representing Fortinet as the buyer, with Jeffrey A. Goldberger and Andrew B. Cohen acting on behalf of the seller, Atlas Capital Group. The deal was facilitated by brokers Bernadette Brennan, Ariel Sassoon, and Ryan Serhant from the agency Serhant.
Players
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,693,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$179,415.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$239,395.76
Annual Debt Service$2,872,749.17
Is there something missing? Send suggestions