RFR Realty Acquires Office Building In Midtown Manhattan For $350M
19 W 44th St #25, New York, Ny 10036, Usa
Building Size
2,930,000 SF
Asset Type
Office
Closing
Jul 30, 2017
AI
The office building located at 522 Fifth Avenue in Midtown has been sold for a price of $350,000,000. The property spans 575,000 square feet, resulting in a price per square foot of $608. The transaction took place on March 17, 2020. The buyer of the property is RFR Realty, while the seller is Morgan Stanley.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $350,000,000
- Square Footage: 575,000
- Price per Square Foot: $608
- Market: Midtown
RFR Realty, a prominent real estate firm, has acquired the office building at 522 Fifth Avenue in Midtown. On the other hand, Morgan Stanley acted as the seller 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