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Employee Benefit Funds Group Acquires Office And Retail Spaces In Flatiron For $70M
SOLD
$70,000,000
+ 1
New York
See Similar DealsRetail
Sold 09/13/2024
SOLD
Employee Benefit Funds Group Acquires Office And Retail Spaces In Flatiron For $70M
636 6th Avenue
See Similar DealsRetail
Sold 09/13/2024
+ 1
Summary
NEW YORK
Asset Type:Retail
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,733,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$248,695.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$331,835.71
Annual Debt Service$3,982,028.55
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