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320 W 66th St, New York, NY...

Taconic & Nuveen Acquire Office Building On Upper West Side For $230M
SOLDOffice

Taconic & Nuveen Acquire Office Building On Upper West Side For $230M

320 W 66th St, New York, NY 10023, USA

$230,000,000

$2,322/SF

Building Size

99,015 SF

Asset Type

Office

Closing

Oct 29, 2019

AI

The office property located at 320 West 66th Street in the Upper West Side has been sold for a transaction amount of $230,000,000. This asset encompasses a total area of 515,000 square feet, resulting in a price per square foot of $446. The property was jointly sold by Silverstein Properties and Seven Valleys.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $230,000,000
  • Address: 320 West 66th Street
  • Market: Upper West Side
  • Square Footage: 515,000
  • Price Per Square Foot: $446

The buyer of this office property is Taconic & Nuveen. The brokerage firm Eastdil, represented by Gary Phillips and Jeff Organisciak, facilitated the deal.

Players

Jeff Organisciak

Eastdil Secured

Broker

$8.9B

vol

37 deals

Broker
Nuveen
NuveenBuyer
Silverstein Properties
Silverstein PropertiesSeller
LoanCore Capital
LoanCore CapitalLender

New York Office Market Snapshot

Boundary boundary · Office · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.07%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93