Memorial Sloan Kettering Acquires Medical Center On Upper East Side For $185M
SOLD
$185,000,000
New York
See Similar DealsOther90,000 SF
Sold 09/13/2022
SOLD
Memorial Sloan Kettering Acquires Medical Center On Upper East Side For $185M
321 East 61st Street, New York City, New York 10065, United States
See Similar DealsOther90,000 SF
Sold 09/13/2022
Summary
NEW YORK
Asset Type:Other
Price Per Square Foot:$2,055
Total Square Footage:90,000 SF
Transaction Type:Sale
The medical center located at 321 East 61st Street in the Upper East Side has been sold for a staggering sale price of $185,000,000. The property spans across 90,000 square feet, with a price per square foot of $2,055. The transaction involved a total of 8 units, resulting in a price per unit of $23,125,000.
Summary of transaction details
- Property Type: Medical Center
- Transaction Amount: $185,000,000
- Address: 321 East 61st Street
- Market: Upper East Side
The buyer of the medical center is Memorial Sloan Kettering, represented by Kathryn Martin. On the other side of the deal, the sellers were Maddd Equities and Joy Construction, with Eli Wiess representing them.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,866,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$657,265.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$876,994.38
Annual Debt Service$10,523,932.59
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