Quantum Pacific Acquires Office Building At 767 3rd Avenue Manhattan For $88M From Sage Realty
SOLD
$88,000,000
New York
See Similar DealsOffice327,550 SF
Sold 11/15/2024
SOLD
Quantum Pacific Acquires Office Building At 767 3rd Avenue Manhattan For $88M From Sage Realty
767 3rd Avenue
See Similar DealsOffice327,550 SF
Sold 11/15/2024
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$268
Total Square Footage:327,550 SF
Transaction Type:Sale
The property involved in this transaction is an office asset located at 767 3rd Avenue in Manhattan. The sale price for this property was $88,000,000, encompassing a total square footage of 327,550, which results in a price per square foot of $268.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $88,000,000
- Address: 767 3rd Avenue
- Market: Manhattan
- Square Footage: 327,550
- Price Per Square Foot: $268
- Buyer: Quantum Pacific
- Seller: Sage Realty
- Brokers: Gary Phillips, Will Silverman & Jeff Organisciak - Eastdil Secured
Key individuals involved in the transaction include Gary Phillips, Will Silverman, and Jeff Organisciak, who represented the brokers from Eastdil Secured in this deal. The transaction showcases the engagement of Quantum Pacific as the buyer and Sage Realty as the seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$312,645.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$417,164.90
Annual Debt Service$5,005,978.75
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