Comments on: First Signs of Cracking: Broadway Partners Defaults on Hancock Tower http://www.squarefeetblog.com/commercial-real-estate-blog/2009/01/09/first-signs-of-cracking-broadway-partners-defaults-on-hancock-tower/ Commercial Real Estate Blog Thu, 18 Mar 2010 20:55:26 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: squarefeet http://www.squarefeetblog.com/commercial-real-estate-blog/2009/01/09/first-signs-of-cracking-broadway-partners-defaults-on-hancock-tower/comment-page-1/#comment-1951 squarefeet Tue, 31 Mar 2009 18:12:54 +0000 http://www.squarefeetblog.com/?p=1461#comment-1951 Not sure, but if I had to take a guess, I'd say at the time of the acquisition, it traded at a 4.5% CAP. If you assume 4.5% cap at $1.3B = $58.5M NOI. $58.5M NOI over today's sale at $660M = 8.8% CAP, and since then I believe they've lost some tenants, and rents have come down, so today's sale is probably closer to a 8% cap on today's income. But of course, this is a guesstimate from 3000 miles away. Not sure, but if I had to take a guess, I’d say at the time of the acquisition, it traded at a 4.5% CAP.

If you assume 4.5% cap at $1.3B = $58.5M NOI. $58.5M NOI over today’s sale at $660M = 8.8% CAP, and since then I believe they’ve lost some tenants, and rents have come down, so today’s sale is probably closer to a 8% cap on today’s income.

But of course, this is a guesstimate from 3000 miles away.

]]> By: miko tam http://www.squarefeetblog.com/commercial-real-estate-blog/2009/01/09/first-signs-of-cracking-broadway-partners-defaults-on-hancock-tower/comment-page-1/#comment-1949 miko tam Tue, 31 Mar 2009 17:58:35 +0000 http://www.squarefeetblog.com/?p=1461#comment-1949 any idea what the cap rate is or what the NOI was for the building?? any idea what the cap rate is or what the NOI was for the building??

]]> By: The Rich’s War on the Rich http://www.squarefeetblog.com/commercial-real-estate-blog/2009/01/09/first-signs-of-cracking-broadway-partners-defaults-on-hancock-tower/comment-page-1/#comment-1832 The Rich’s War on the Rich Tue, 10 Mar 2009 18:19:37 +0000 http://www.squarefeetblog.com/?p=1461#comment-1832 [...] other really rich people. Broadway Partners, a high-flying real estate investor, recently defaulted on a loan it took from other high-flying financial institutions, which it used to buy the John Hancock tower [...] [...] other really rich people. Broadway Partners, a high-flying real estate investor, recently defaulted on a loan it took from other high-flying financial institutions, which it used to buy the John Hancock tower [...]

]]> By: Tycoons of the Day : Park Avenue Marauding Through SoHo! http://www.squarefeetblog.com/commercial-real-estate-blog/2009/01/09/first-signs-of-cracking-broadway-partners-defaults-on-hancock-tower/comment-page-1/#comment-1830 Tycoons of the Day : Park Avenue Marauding Through SoHo! Tue, 10 Mar 2009 14:42:28 +0000 http://www.squarefeetblog.com/?p=1461#comment-1830 [...] other really rich people. Broadway Partners, a high-flying real estate investor, recently defaulted on a loan it took from other high-flying financial institutions, which it used to buy the John Hancock tower [...] [...] other really rich people. Broadway Partners, a high-flying real estate investor, recently defaulted on a loan it took from other high-flying financial institutions, which it used to buy the John Hancock tower [...]

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