John Grassi Of Spear Street Capital Acquires Office Building From Jason Behfarin For $50.5M
74 8th Avenue
$50,500,000
$1,702/SF
Building Size
29,671 SF
Asset Type
Office
Closing
Apr 10, 2026
About this deal
AI
The asset involved in this transaction is a 29,671-square-foot office building located at 74 8th Avenue in the West Village, Manhattan. The property was acquired for a sale price of $50,500,000, which equates to approximately $1,702 per square foot, reflecting the ongoing demand for boutique assets in prime locations within the city.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $50,500,000
- Square Footage: 29,671
- Price per Square Foot: $1,702
- Buyer: John Grassi - Spear Street Capital
- Seller: Jason Behfarin - G4 Capital Partners
- Market: West Village, Manhattan
John Grassi, representing Spear Street Capital, was the buyer in this transaction, while Jason Behfarin represented G4 Capital Partners as the seller. This transaction demonstrates the continued interest and activity within Manhattan's core submarkets, particularly for office spaces classified as boutique assets.
On the Map
$50,500,000
$1,702/SF
Office
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Players
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
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93