Meadow Partners Acquires Office Space In Meatpacking District For $232M
860 Washington St, Manhattan, New York, NY, USA
$232,000,000
$1,933/SF
Building Size
120,000 SF
Asset Type
Office
Closing
Jan 6, 2021
AI
Located at 860 Washington St in the Meatpacking District, this office property spans 120,000 square feet. The transaction for this asset was completed on 01/07/2021.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $232,000,000
- Lessee: Meadow Partners
- Lessor: Romanoff Equities
- Tenants: Tesla Motors & Alibaba.com_Official
The brokers involved in this deal were Kevin Donner, Adam Spies, Doug Harmon, Marcella Fasulo, Michael Collins, and Caroline Hill from Cushman & Wakefield. Additionally, Gideon Gil, Alex Hernandez, Lauren Kaufman, and Emily Johansen, also from Cushman & Wakefield, represented the lenders in the loan transaction.
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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93