QIA Acquires Office Building In Midtown Manhattan For $91M
809 1st Avenue, New York, NY 10017, USA
$91,000,000
$883/SF
Building Size
103,000 SF
Asset Type
Office
Closing
Nov 29, 2020
About this deal
AI
Mansoor bin Ebrahim Al Mahmoud, Allan Goodman, and Tamim bin Hamad Al Thani have closed a transaction for an office property located at 809 First Avenue in Midtown. The property spans 103,000 square feet and was sold for a price of $91,000,000, with a price per square foot of $883. The seller in this transaction was the Institute of International Education, while the buyer was the QIA.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $91,000,000
- Address: 809 First Avenue
- Market: Midtown
- Square Footage: 103,000
- Price per Square Foot: $883
- Buyer: QIA
- Seller: Institute of International Education
The involvement of Mansoor bin Ebrahim Al Mahmoud, Allan Goodman, and Tamim bin Hamad Al Thani is noteworthy in this transaction. They played key roles as representatives from their respective agencies in the deal.
On the Map
$91,000,000
$883/SF
Office
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New York Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93