Igal Namdar Of Namdar Realty Group Acquires Office Building From Elliot Nassim For $60.6M
71 5th Avenue
$60,600,000
$458/SF
Building Size
132,121 SF
Asset Type
Office
Closing
Oct 22, 2026
About this deal
AI
The office building located at 71 5th Avenue in the Flatiron District, Manhattan, comprises 132,121 square feet. The asset was sold for $60.6 million, equating to approximately $459 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $60,600,000
- Buyer: Igal Namdar - Namdar Realty Group
- Seller: Elliot Nassim - Mason Asset Management
- Market: Flatiron District, Manhattan
- Square Footage: 132,121
- Price per Square Foot: $459
The transaction involved Namdar Realty Group acquiring the property from Mason Asset Management, which previously obtained it from Madison Capital and Lubert-Adler.
On the Map
$60,600,000
$458/SF
Office
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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
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93