9 Times Square Sale
Nine Times Square Trades on the CRE Market at $381/SF
In a significant real estate transaction, the property at 200 West 41st Street, also known as Nine Times Square, is on the market for $63.5 million. This 166,000 RSF property now selling at a rate of $381 per square foot. A price representing a dramatic 60% discount from its last sale in 2014. When it was purchased for $162 million. Moreover, a $100 million loss!
Currently, Nine Times Square finds itself 80% leased. As a center core building located on a corner property, it has the potential for residential conversion. Despite this potential, most office purchasers indicate that they plan to maintain its current use as office space, albeit at a significantly lower basis.
The seller, American Strategic Investment Company, has not disclosed the buyer’s identity. The estimated business plan for the property involves maintaining its current office, retail, and signage functions, aiming for a 10% capitalization rate.
However, we have seen prices steadily drop and drop in midtown. Just a year ago Silverstein Properties got $400 for their fifth avenue property. What would that trade for today?
529 Fifth Avenue Really Sells To Empire Capital For $1K A Foot Not $400
