Updated Oct 29, 2024
Black Spruce Management Acquires Property From Baupost Group For $837 Million In New York
626 1st Ave., New York, NY, 10016
$837,000,000
Building Size
—
Asset Type
Commercial
Closing
Mar 3, 2022
About this deal
AI
The property located at 626 1st Ave., New York, NY, 10016 was sold for $837,000,000.00. The transaction involved a total square footage of 0 and took place in the New York market.
Summary of transaction details:
- Property Type: Sale
- Transaction Amount: $837,000,000.00
- Seller: Baupost Group
- Buyer: Black Spruce Management
- Seller's Representatives: Marcella Fasulo, Adam Doneger, Adam Spies, Douglas (Doug) Harmon - Newmark
This transaction highlights the involvement of key players in the real estate market, specifically the buyer, Black Spruce Management, and the seller, Baupost Group, who were represented by a team from Newmark, underscoring the professional collaboration in closing this significant deal.
Players
New York Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93