Vornado Realty Trust Acquires Retail Property In Penn Plaza For $34M
250 W 34th St, New York, NY 10119, USA
$34,000,000
$241/SF
Building Size
141,000 SF
Asset Type
Retail
Closing
Nov 29, 2020
About this deal
AI
Vornado Realty Trust has purchased the retail property located at 250 West 34th St. in Penn Plaza for a price of $34,000,000. The property spans 141,000 square feet and is currently occupied by @KMart.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $34,000,000
- Address: 250 West 34th St.
- Market: Penn Plaza
- Landlord: Vornado Realty Trust
- Tenant: @KMart
- Square Footage: 141,000
Vornado Realty Trust, a prominent real estate company, took this opportunity to acquire the property and lease it to @KMart. The lease agreement had 16 years remaining, and in order to expedite the process, Vornado Realty Trust bought out Kmart's lease.
Players
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Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93