Effy Jewelers Acquires Office Building In Midtown Manhattan For $103M
SOLD
$103,000,000
New York
See Similar DealsOffice103,000 SF
Sold 10/22/2021
SOLD
Effy Jewelers Acquires Office Building In Midtown Manhattan For $103M
590 5th Avenue, Brooklyn, NY 11215
See Similar DealsOffice103,000 SF
Sold 10/22/2021
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1,000
Total Square Footage:103,000 SF
Transaction Type:Sale
Located in Midtown, the office building at 590 5th Avenue was recently sold in a closed transaction. The property, spanning approximately 103,000 square feet, was sold for a total of $103,000,000. This equates to a price per square foot of $1,000, indicating a significant investment in the prime Midtown market.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $103,000,000
- Address: 590 5th Avenue, Midtown
Effy Jewelers 💎 emerged as the buyer in this transaction, while @SLGreen_Realty Corp. acted as the seller. Representing the deal, Albert Sultan and Morris Sabbagh from KSR brokered the transaction. Their expertise and negotiation skills contributed to the successful completion of the sale.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,493,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$365,937.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$488,272.55
Annual Debt Service$5,859,270.58
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