Gural Family's Northwind Group Acquires 7 Hanover Square Office Building For $310M
SOLD
$585,000,000
+ 5
New York
See Similar DealsOffice35,496 SF
Sold 06/18/2019
SOLD
Gural Family's Northwind Group Acquires 7 Hanover Square Office Building For $310M
7 Hanover Square, New York, NY 10004, USA
See Similar DealsOffice35,496 SF
Sold 06/18/2019
+ 5
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$16,480
Total Square Footage:35,496 SF
Transaction Type:Sale
The office building located at 7 Hanover Square in Manhattan has been sold for a price of $310,000,000. The property spans an area of 915,000 square feet and was sold at a rate of $339 per square foot. The transaction was completed on January 15, 2018.
Summary of transation details
- Property Type: Office
- Transaction Amount: $310,000,000
- Address: 7 Hanover Square, New York
- Market: Manhattan
The seller of the property was Guardian Life Insurance, while the buyer was the Gural family, specifically Jeffrey Gural and Ran Eliasaf's Northwind Group. The brokerage firm Cushman & Wakefield, represented by Adam Spies and Douglas Harmon, facilitated the transaction.
Please note that the transaction was scheduled to close, according to the provided information.
Players
SELLER
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$31,200,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,078,381.44
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,773,198.45
Annual Debt Service$33,278,381.44
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