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633 3rd Avenue, New York Ci...

Patrick Wong Acquires Office Condo At 633 Third Avenue In Midtown East For $1.19M
SOLDOffice

Patrick Wong Acquires Office Condo At 633 Third Avenue In Midtown East For $1.19M

633 3rd Avenue, New York City, New York 10017, United States

$1,188,888

Building Size

Asset Type

Office

Closing

Dec 4, 2021

AI

An office condo located at 633 Third Avenue in Midtown East has been sold in a recent transaction. The property, with a total square footage of 1,249, was sold for a price of $1,188,888, resulting in a price per square foot of $950. The sale took place on 12/04/2021 and the transaction involved the buyer, Patrick Wong, and the seller, Ivan Baben.

Summary of transaction details

  • Property Type: Office Condo
  • Transaction Amount: $1,188,888
  • Address: 633 Third Avenue
  • Market: Midtown East
  • Square Footage: 1,249
  • Price per Square Foot: $950

The transaction was facilitated by Mark Roopchan from Prime Manhattan Realty, who represented both the buyer, Patrick Wong, and the seller, Ivan Baben.

Players

Rick Lechtman

Marcus & Millichap

Broker

$18.7M

vol

3 deals

Broker

New York Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

13.34%

Cash-on-Cash

-3.81%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93