Employee Benefit Funds Group Acquires Office And Retail Spaces In Flatiron For $70M
636 6th Avenue
$70,000,000
Building Size
—
Asset Type
Retail
Closing
Sep 13, 2024
About this deal
AI
The property involved in this transaction is located at 636 6th Avenue in the Flatiron market. This asset encompasses both office and retail spaces and was sold for a total of $70,000,000.
Summary of transaction details:
- Property Type: Office and Retail
- Transaction Amount: $70,000,000
- Address: 636 6th Avenue
- Market: Flatiron
- Seller: Clarion Partners, Nuveen Real Estate & Union Investment
- Brokers: Daniel Kaplan, Doug Middleton, Jack Stillwagon & Justin Arzi - CBRE
The transaction involved the Employee Benefit Funds group of Hotel and Gaming Trades Council and the Hotel Association of New York City as the buyers. The sellers, Nuveen Real Estate, Union Investment, and Clarion Partners, successfully completed the sale of the respective retail and office spaces at the specified address.
On the Map
$70,000,000
Retail
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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
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93