Ron Sutton Acquires Office Building In Midtown Manhattan For $34.7M
SOLD
$34,700,000
New York
See Similar DealsOffice60,500 SF
Sold 11/02/2023
SOLD
Ron Sutton Acquires Office Building In Midtown Manhattan For $34.7M
6 West 48th Street
See Similar DealsOffice60,500 SF
Sold 11/02/2023
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$573
Total Square Footage:60,500 SF
Transaction Type:Sale
The office building located at 6 West 48th Street in Midtown, Manhattan has been sold in a closed transaction. The property spans 60,500 square feet and was sold for a total price of $34,700,000, resulting in a price per square foot of $574. The sale was completed between the buyer, Ron Sutton, and the seller, The Posner Family.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $34,700,000
- Address: 6 West 48th Street, Midtown, Manhattan
- Square Footage: 60,500
- Price per Square Foot: $574
The deal was facilitated by the following brokers: David Schechtman and Abie Kassin from Meridian Capital Group, and Michael Hunter Coghill from Adirondack Capital Partners. They represented the respective parties involved in the transaction, ensuring a successful agreement.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,850,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$123,281.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$164,495.70
Annual Debt Service$1,973,948.44
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