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877 3rd Ave, New York, NY, ...

Updated Nov 28, 2024

Memorial Sloan Kettering Cancer Center Acquires Property From SL Green Realty Corp For $300.4M
SOLD

Memorial Sloan Kettering Cancer Center Acquires Property From SL Green Realty Corp For $300.4M

877 3rd Ave, New York, NY, 10022

$300,400,000

$725/SF

Building Size

414,317 SF

Asset Type

Closing

Sep 14, 2022

About this deal

AI

The property asset involved in this transaction is located at 877 3rd Ave, New York, NY, 10022. This asset was sold for a total price of $300,400,000.00 and comprises a total square footage of 414,317 in the New York market.

Summary of transaction details:

  • Property Type: Sale
  • Transaction Amount: $300,400,000.00
  • Address: 877 3rd Ave, New York, NY, 10022
  • Market: New York
  • Seller: SL Green Realty Corp.
  • Buyer: Memorial Sloan Kettering Cancer Center
  • Seller's Representatives: Brian Waterman-Newmark, Cole Gendels-Newmark, Erik Harris-Newmark
  • Brokers: Jason Perla-Newmark

This deal was facilitated by multiple representatives from Newmark, including Brian Waterman, Cole Gendels, and Erik Harris, who acted on behalf of the seller. Jason Perla also represented the brokers, coordinating the transaction for both parties involved.

Players

Erik Harris

Newmark

Broker

$300.4M

vol

31 deals

Broker
SL Green
SL GreenSeller

New York CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

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Deal FAQ

About $725 per square foot on a published $300.4M for 414,317 square feet (2022).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.05%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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