Kaufman Investments Acquires 265K SF Office Building In New York City For $92.5M
875 6th Ave New York, NY 10001, USA
$92,500,000
$349/SF
Building Size
265,000 SF
Asset Type
Office
Closing
Jun 30, 2023
About this deal
AI
The office property located at 875 6th Avenue in New York City has been sold for a price of $92,500,000. Spanning a total of 265,000 square feet, the property was acquired by Kaufman Investments, represented by Michael Kazmierski, Lorenzo Bakewell Stone, and Beacon Capital Partners. The seller, 875 Old LLC and New 875 LLC, was represented by Jim Wacht and Peter Brause. The transaction was facilitated by Chris Varjan of Lee & Associates.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $92,500,000
- Address: 875 6th Avenue, New York City
- Buyer: Kaufman Investments - Michael Kazmierski & Lorenzo Bakewell Stone & Beacon Capital Partners
- Seller: 875 Old LLC & New 875 LLC - Jim Wacht & Peter Brause
- Broker: Lee & Associates - Chris Varjan
- Square Footage: 265,000
- Price Per Square Foot: $349
Michael Kazmierski, Lorenzo Bakewell Stone, and Beacon Capital Partners represented the buyer, Kaufman Investments, in the transaction. On the other hand, Jim Wacht and Peter Brause represented the seller, 875 Old LLC and New 875 LLC. The deal was successfully facilitated by Chris Varjan of Lee & Associates.
Players
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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