Meadow Partners Acquires Office Space In Meatpacking District For $232M
SOLD
$232,000,000
+ 7
New York
See Similar DealsOffice120,000 SF
Sold 01/07/2021
SOLD
Meadow Partners Acquires Office Space In Meatpacking District For $232M
860 Washington St, Manhattan, New York, NY, USA
See Similar DealsOffice120,000 SF
Sold 01/07/2021
+ 7
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1,933
Total Square Footage:120,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$12,373,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$824,247.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,099,798.36
Annual Debt Service$13,197,580.33
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