Empire Capital Holdings Acquires Office Building In Midtown East For $72M
830 3rd Avenue
$72,000,000
$489,795/SF
Building Size
147 SF
Asset Type
Office
Closing
Aug 31, 2022
About this deal
AI
The property involved in this transaction is an office located at 830 3rd Ave in Midtown East. The sale took place on August 31, 2022. The property spans 147,068 square feet and was sold for a total price of $72,000,000, resulting in a price per square foot of $490. The seller of the property was AEW Capital Management.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $72,000,000
- Address: 830 3rd Ave
- Market: Midtown East
- Square Footage: 147,068
The buyer of the property was Empire Capital Holdings, represented by Josh Rahmani, Aaron Bergman, Ebi Khalili, and Namdar Realty. The brokers involved in the deal were Andrew Scandalios and Vickram Jambu from JLL. You can find the LinkedIn profiles of Josh Rahmani (https://www.linkedin.com/in/josh-arash-rahmani-4a72b27/), Aaron Bergman (https://www.linkedin.com/in/bergmana/), Ebi Khalili (https://www.linkedin.com/in/ebi-khalili-9a537919/), Andrew Scandalios (https://www.linkedin.com/in/andrew-scandalios-ba9b756/), and Vickram Jambu (https://www.linkedin.com/in/vickram-jambu-3282bb83/).
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93