The Shefa School Acquires Ground Lease In Lincoln Square For $49.5M
17 West 60th Street, Manhattan, New York, NY, USA
$65,675,000
$858/SF
Building Size
76,511 SF
Asset Type
Other
Closing
Jul 31, 2021
About this deal
AI
A ground lease transaction recently took place in Lincoln Square, New York. The property involved is located at 17 West 60th Street and is classified as a school. It spans approximately 76,511 square feet. The deal was between the tenant, The Shefa School, and the landlord, Extell. The ground lease amount for the property was $49,500,000, and the lease term is set for 99 years.
Summary of transaction details
- Property Type: School
- Transaction Amount: $49,500,000
- Address: 17 West 60th Street
- Market: Lincoln Square
- Tenant: The Shefa School
- Landlord: Extell
- Lease Term: 99 years
- Square Footage: 76,511
The Shefa School, a prominent educational institution, signed the ground lease agreement with Extell. This transaction was overseen by Gary Barnett, who represented Extell in the deal as their broker representative.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93