Quantum Pacific & Metro Loft Management, LLC Acquires Office Asset From Sage Realty For $55M
767 3rd Avenue
$88,000,000
$268/SF
Building Size
327,550 SF
Asset Type
Office
Closing
Dec 31, 2024
About this deal
AI
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.
On the Map
$88,000,000
$268/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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93