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820 2nd Avenue, New York, N...

Philips International Sells Office Condo In Midtown East For $2.6M With Buyer's Rep Julia Maksimova & Seller's Rep Justin Harris & Michael Rudder
SOLDOffice

Philips International Sells Office Condo In Midtown East For $2.6M With Buyer's Rep Julia Maksimova & Seller's Rep Justin Harris & Michael Rudder

820 2nd Avenue, New York, NY 10017, USA

$2,600,000

$504/SF

Building Size

5,150 SF

Asset Type

Office

Closing

Apr 11, 2021

AI

An office condo located at 820 Second Ave. in Midtown East has been sold in a recent transaction. The property, with a total area of 5,150 square feet, was sold for a price of $2,600,000, resulting in a price per square foot of $504. The sale took place on 04/12/2021, and the property was previously listed at an asking price of $4,200,000. The transaction involved the buyer's representative, Julia Maksimova from KW Commercial, and the seller's representatives, Justin Harris and Michael Rudder from udderPropertyGroup.

Summary of transaction details

  • Property Type: Office Condo
  • Transaction Amount: $2,600,000
  • Address: 820 Second Ave. (Midtown East)
  • Square Footage: 5,150
  • Price per Square Foot: $504
  • Seller: Philips International
  • Buyer's Representative: Julia Maksimova - KW Commercial
  • Seller's Representatives: Justin Harris & Michael Rudder - udderPropertyGroup

The buyer's representative, Julia Maksimova, represented the buyer throughout the transaction on behalf of KW Commercial. On the other hand, Justin Harris and Michael Rudder, from udderPropertyGroup, served as the seller's representatives. The deal closed at a sale price of $2,600,000, reflecting a substantial reduction from the original asking price of $4,200,000.

Players

Michael Rudder

Rudder Property Group

Broker

$198.3M

vol

23 deals

Broker
PI
Phillips InternationalSeller

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

6.10%

Cash-on-Cash

-1.74%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93