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Wells Fargo Acquires Vacant Retail Space At 20 Hudson Yards From Neiman Marcus For $550M
SOLD
$550,000,000
New York
See Similar DealsRetail400,000 SF
Sold
SOLD
Wells Fargo Acquires Vacant Retail Space At 20 Hudson Yards From Neiman Marcus For $550M
20 Hudson Yards
See Similar DealsRetail400,000 SF
Sold
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$1,375
Total Square Footage:400,000 SF
Transaction Type:Sale
The vacant space at 20 Hudson Yards in Manhattan's Hudson Yards neighborhood has been sold in a transaction worth $550 million. The property, spanning 400,000 square feet across three floors, was purchased by Wells Fargo & Co from Neiman Marcus. This acquisition adds to Wells Fargo's existing presence in the area, increasing its total square footage to 900,000 square feet.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $550,000,000
- Address: 20 Hudson Yards
- Market: Hudson Yards, Manhattan
- Square Footage: 400,000
- Price per Square Foot: $1,375
The deal was brokered by Adam Spies and Douglas Harmon of Newmark. Charles Scharf, the CEO of Wells Fargo & Co, represented the buyer in the transaction. On the selling side, Jeff Blau of Related Cos and Daniel Fournier of Oxford Properties Group were involved in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$29,333,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,954,033.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,607,280.60
Annual Debt Service$31,287,367.16
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