Blackstone Acquires 49% Stake In One Manhattan West Office For $2.85B
SOLD
$2,850,000,000
New York
See Similar DealsOffice2,077,557 SF
Sold 12/25/2021
SOLD
Blackstone Acquires 49% Stake In One Manhattan West Office For $2.85B
1 Manhattan West, 401 9th Ave, New York City, New York 10001, United States
See Similar DealsOffice2,077,557 SF
Sold 12/25/2021
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1,371
Total Square Footage:2,077,557 SF
Transaction Type:Sale
Blackstone has acquired a 49% stake in One Manhattan West, an office property located in Midtown West. The transaction, which took place in December 2021, involved the sale of the stake by Brookfield Asset Management. The total value of the deal amounted to $2,850,000,000.
Summary of transation details
- Property Type: Office
- Transaction Amount: $2,850,000,000
- Address: One Manhattan West
- Market: Midtown West
- Asset Size: 2,077,557 square feet
The buyer in the deal was Blackstone, while the seller was Brookfield Asset Management. Cushman & Wakefield served as the broker for the transaction.
Players
BROKERAGE
BROKERAGE
BUYER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$151,999,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$10,125,448.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,510,454.00
Annual Debt Service$162,125,448.03
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