Vornado Realty Trust Sells Manhattan Retail Properties For $124.4M
510 Fifth Avenue New York, New York 10036, Usa, 148–150 Spring Street, 443 Broadway & 692 Broadway
$124,400,000
Building Size
—
Asset Type
Retail
Closing
Jul 28, 2023
About this deal
AI
Vornado Realty Trust, led by Steven Roth, has agreed to sell four retail properties in Manhattan for a total price of $124.4 million. The properties included in the sale are 510 Fifth Avenue, 148–150 Spring Street, 443 Broadway, and 692 Broadway.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $124,400,000
- Seller: Vornado Realty Trust - Steven Roth
- Market: Manhattan
This transaction involves the sale of retail properties in Manhattan, including 510 Fifth Avenue, 148–150 Spring Street, 443 Broadway, and 692 Broadway. The properties have a combined value of $124.4 million.
Vornado Realty Trust, with Steven Roth as its representative, has entered into an agreement to sell these properties. The sale represents a significant real estate deal in the Manhattan market.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93