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
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
New York Retail Market Snapshot
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