The Vanbarton Group Acquires Office Asset From Emigrant Savings Bank For $140M In Midtown East
SOLD
$140,000,000
New York
See Similar DealsOffice400,000 SF
Sold 05/20/2025
SOLD
The Vanbarton Group Acquires Office Asset From Emigrant Savings Bank For $140M In Midtown East
6 East 43rd Street
See Similar DealsOffice400,000 SF
Sold 05/20/2025
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$350
Total Square Footage:400,000 SF
Transaction Type:Sale
The property asset involved in this transaction is located at 6 East 43rd Street, situated in the Midtown East market. This office asset encompasses approximately 400,000 square feet and has a sale price of $140,000,000, resulting in a price per square foot of $350.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $140,000,000
- Address: 6 East 43rd Street
- Market: Midtown East
- Square Footage: 400,000
- Price per Square Foot: $350
- Buyer: The Vanbarton Group
- Seller: Emigrant Savings Bank
- Buyer's Representatives: Robert Khodadadian, Daniel Shirazi & Daniel Davidov - Skyline Properties
Key individuals involved in the deal include Robert Khodadadian, Daniel Shirazi, and Daniel Davidov, who represented the buyer, The Vanbarton Group, in this transaction. The seller, Emigrant Savings Bank, completed the sale as part of their asset management strategy.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,466,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$497,390.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$663,671.42
Annual Debt Service$7,964,057.10
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