TheNewSchool Acquires Dormitory In Gramercy For $65.4M
301 1st Avenue, New York, NY 10003, USA
$65,400,000
$45/SF
Building Size
1,441,610 SF
Asset Type
Other
Closing
Feb 6, 2019
AI
Eric Gural of GFP Real Estate and Meadow Partners have closed on the sale of a dormitory property located at 301 First Avenue in the Gramercy market. The property was sold to The New School for a total price of $65,400,000. The dormitory spans 144,161 square feet, resulting in a price per square foot of $453.
Summary of transaction details
- Property Type: Dormitory
- Transaction Amount: $65,400,000
- Address: 301 First Avenue
- Market: Gramercy
The buyer, represented by The New School's broker, acquired the property from GFP Real Estate and Meadow Partners. Eric Gural of GFP Real Estate and Meadow Partners facilitated the transaction.
Players
New York Other Market Snapshot
Boundary boundary · Other · Sale transactions
Loading comparables…
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