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

Property Image
SOLD
$300,400,000
Brian Waterman
Erik Harris
Cole Gendels
+ 1

New York

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414,317 SF
Sold 09/14/2022
the dealplayerscompscontact
Property Image
SOLD

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

877 3rd Ave, New York, NY, 10022

See Similar Deals
414,317 SF
Sold 09/14/2022
Brian Waterman
Erik Harris
Cole Gendels
+ 1
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Price Per Square Foot:$725
Total Square Footage:414,317 SF
Transaction Type:Sale

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
Erik Harris
26 deals$300.4M volume
BROKER
Brian Waterman
Newmark
Brian Waterman
30 deals$300.4M volume
BROKER
Cole Gendels
Newmark
Cole Gendels
9 deals$300.4M volume(212) 850-5443
BROKER
Jason Perla
Newmark
Jason Perla
6 deals$300.4M volume(212) 850-5419
BROKER
SL Green
SL Green
SELLER

Details

SOLD
IMAGE: 877 3rd Ave, New York, NY, 10022 MARKET: New York SELLER'S REP: Brian Waterman-Newmark, Cole Gendels-Newmark, Erik Harris-Newmark BROKERS: Jason Perla-Newmark BUYER: Memorial Sloan Kettering Cancer Center SELLER: SL Green Realty Corp. PRICE: $300,400,000.00 SF: 414317

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$16,021,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$1,067,257.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,424,049.26
Annual Debt Service$17,088,591.08