Vornado Realty Trust Acquires Retail Property In Penn Plaza For $34M
SOLD
$34,000,000
New York
See Similar DealsRetail141,000 SF
Sold 11/30/2020
SOLD
Vornado Realty Trust Acquires Retail Property In Penn Plaza For $34M
250 W 34th St, New York, NY 10119, USA
See Similar DealsRetail141,000 SF
Sold 11/30/2020
Summary
NEW YORK
Asset Type:Retail
Price Per Square Foot:$241
Total Square Footage:141,000 SF
Transaction Type:Sale
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.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,813,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$120,794.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,177.35
Annual Debt Service$1,934,128.15
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