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Puck Building, Lafayette St...

Joshua Kushner & Karlie Kloss Acquire Penthouse At The Puck Building For $42.5M
SOLDOther

Joshua Kushner & Karlie Kloss Acquire Penthouse At The Puck Building For $42.5M

Puck Building, Lafayette Street, New York, NY, USA

$42,500,000

$5,869/SF

Building Size

7,241 SF

Asset Type

Other

Closing

Sep 2, 2021

AI

The Puck Building, located in NoLita, is currently in contract for a penthouse unit. The property boasts a total area of 7,241 square feet, with an interior space of 7,241 square feet and an exterior living space of 5,158 square feet. It offers 5 bedrooms, 7.5 baths, a library, gym, home theater, wine cellar, and landscaped private terraces. Additional features include a yoga lawn, putting green, spa tub, and wet bar. The penthouse is part of a larger complex that includes modern class "A" creative office and retail spaces on the lower floors. Notable tenants of the retail space include REI and Chef's Club, while the office spaces are occupied by NYU, Cadre, Plaid, Axiom, and Thrive Capital.

Summary of transaction details

Joshua Kushner, through Kushner Companies, acquired the Puck Building in 1980. The iconic building was originally designed by Albert Wagner. In the redevelopment, the first seven floors were transformed into modern office and retail spaces, while the penthouse units were added on top. The deal was facilitated by broker Adam Modlin of the Modlin Group.

Players

Adam Modlin

Modlin Group

Broker

$1B

vol

30 deals

Broker

Joshua Kushner

Cadre

Buyer

$140.3M

vol

3 deals

Buyer

New York Other Market Snapshot

Boundary boundary · Other · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.37%

Cash-on-Cash

-0.11%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93