Updated Sep 30, 2025
HNA Group Acquires Office Building In Manhattan For $2.21B
245 Park Avenue, 245 Park Ave, New York, Ny 10029, Usa
Building Size
15,868,860 SF
Asset Type
Office
Closing
May 4, 2017
About this deal
AI
The property at 245 Park Avenue in Manhattan, New York has been sold in a closed transaction. The office asset spans 1,586,886 square feet and was sold for a price of $2,210,000,000, resulting in a price per square foot of $1,392.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $2,210,000,000
- Square Footage: 1,586,886
- Price per Square Foot: $1,392
- Address: 245 Park Avenue, New York, Manhattan
- Seller: NYSTRS, Brookfield Prop Prtnrs, Clarion Partners
- Buyer: HNA Group
The sale of the property was facilitated by the sellers' representatives NYSTRS, Brookfield Prop Prtnrs, and Clarion Partners. HNA Group emerged as the buyer in this transaction.
Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93