Nathan Berman, Larry Silverstein, And Marty Burger Acquire 55 Broad Street Office Building In Financial District For $180M
SOLD
$180,000,000
+ 1
New York
See Similar DealsOffice425,000 SF
Sold 05/17/2022
SOLD
Nathan Berman, Larry Silverstein, And Marty Burger Acquire 55 Broad Street Office Building In Financial District For $180M
55 Broad Street, New York City, New York 10004, United States
See Similar DealsOffice425,000 SF
Sold 05/17/2022
+ 1
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$423
Total Square Footage:425,000 SF
Transaction Type:Sale
The property involved in this transaction is an office located at 55 Broad Street in the Financial District. The property spans 425,000 square feet and was sold for a total price of $180,000,000, resulting in a price per square foot of $424.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $180,000,000
- Address: 55 Broad Street
- Market: Financial District
- Buyer: Nathan Berman - Metro Loft & Larry Silverstein and Marty Burger - Silverstein Properties
- Seller: Bill Rudin & Michael Rudin - Rudin Management
- Brokers: Gary Phillips, Steve Binswanger & Will Silverman - Eastdil Secured
The buyer of the property is Nathan Berman from Metro Loft, along with Larry Silverstein and Marty Burger from Silverstein Properties. The seller is Bill Rudin and Michael Rudin from Rudin Management. The deal was facilitated by brokers Gary Phillips, Steve Binswanger, and Will Silverman from Eastdil Secured.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,600,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$639,501.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$853,291.83
Annual Debt Service$10,239,501.98
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