Quantum Pacific & Metro Loft Management, LLC Acquires Office Asset From Sage Realty For $55M
SOLD
$88,000,000
New York
See Similar DealsOffice327,550 SF
Sold 12/31/2024
SOLD
Quantum Pacific & Metro Loft Management, LLC Acquires Office Asset From Sage Realty For $55M
767 3rd Avenue
See Similar DealsOffice327,550 SF
Sold 12/31/2024
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$268
Total Square Footage:327,550 SF
Transaction Type:Sale
The property asset involved in the transaction is an office located at 767 3rd Avenue in the Turtle Bay market. The asset encompasses a total of 327,550 square feet. The equity raise associated with this acquisition amounted to $55,000,000, with Sage Realty as the seller.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $55,000,000
- Address: 767 3rd Avenue
- Market: Turtle Bay
- Asset Size: 327,550 SF
- Buyer: Quantum Pacific & Metro Loft Management, LLC
- Seller: Sage Realty
- Brokers: Eric Michael Anton & Max Herzog - Marcus & Millichap
- Equity Raised: $55,000,000
The Global Capital Group at Marcus & Millichap, along with The NYC Capital Markets of IPA (an affiliate of Marcus & Millichap), facilitated the equity raise for the acquisition of the property. Eric Michael Anton and Max Herzog represented the buyer in this transaction.
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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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