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Ken Xie Of Fortinet Purchases Office Building In Chelsea For $50 Million From Atlas Capital Group

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SOLD
$50,000,000

New York

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Office38,100 SF
Sold 12/30/2024
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Property Image
SOLD

Ken Xie Of Fortinet Purchases Office Building In Chelsea For $50 Million From Atlas Capital Group

548 West 22nd Street

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Office38,100 SF
Sold 12/30/2024
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$1,312
Total Square Footage:38,100 SF
Transaction Type:Sale

The property asset involved in this transaction is a four-story office building located at 548 West 22nd Street in Chelsea. It has a total square footage of 38,100 and is being sold for approximately $50 million, which translates to a price per square foot of $1,312.

Summary of transation details:

  • Property Type: Office
  • Transaction Amount: $50,000,000
  • Address: 548 West 22nd Street
  • Market: Chelsea
  • Square Footage: 38,100
  • Price Per Square Foot: $1,312
  • Buyer: Ken Xie - Fortinet
  • Seller: Jeffrey A. Goldberger & Andrew B. Cohen - Atlas Capital Group
  • Broker: Ryan Serhant - Serhant

Ken Xie, representing Fortinet, is the buyer of the property, while the sellers, Jeffrey A. Goldberger and Andrew B. Cohen, are affiliated with Atlas Capital Group. Ryan Serhant from Serhant acted as the broker in this transaction.

Players

Ryan Serhant
Serhant
Ryan Serhant
43 deals$955.1M volume
BROKER

Details

SOLD
IMAGE: - UNDER CONTRACT IMAGE: Ryan Serhant, Ken Xie, Jeffrey A. Goldberger & Andrew B. Cohen DATE: 12/30/2024 ADDRESS: 548 West 22nd Street MARKET: Chelsea ASSET TYPE: Office BUYER: Ken Xie - Fortinet (@Fortinet) SELLER: Jeffrey A. Goldberger & Andrew B. Cohen - Atlas Capital Group BROKER: Ryan Serhant (@RyanSerhant) - Serhant (@Serhant) SALE PRICE: $50,000,000 SF: 38,100 ~ PPSF: $1,312 NOTE: Cybersecurity firm Fortinet is set to purchase a four-story, 38,100-square-foot building at 548 West 22nd Street in Chelsea for about $50M, with plans to use it for its offices.

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

$2,666,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$177,639.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$237,025.51
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