Seth Bernstein Of AllianceBernstein Acquires Office Condos From Harvey M. Schwartz For $60.8M
866 1st Avenue
$60,800,000
$606/SF
Building Size
100,305 SF
Asset Type
Condo
Closing
Feb 18, 2025
About this deal
AI
AllianceBernstein acquired 29 office condo units at 866 United Nations Plaza in Turtle Bay, Manhattan. The sale transaction was valued at $60.8 million, translating to approximately 100,305 square feet at a price per square foot of $606.
Summary of transaction details:
- Property Type: Commercial Condos
- Transaction Amount: $60,800,000
- Buyer: Seth Bernstein - AllianceBernstein
- Seller: Harvey M. Schwartz - Carlyle Group
This transaction indicates a notable shift in ownership within the commercial real estate market, with Seth Bernstein representing AllianceBernstein and Harvey M. Schwartz representing Carlyle Group in the deal. The price of $60.8 million is closely aligned with a recent loan value of $61.2 million, hinting towards a deed-in-lieu of foreclosure arrangement.
On the Map
$60,800,000
$606/SF
Condo
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Players
New York Condo Market Snapshot
Boundary boundary · Condo · Sale transactions
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Deal FAQ
About $606 per square foot on a published $60.8M for 100,305 square feet (2025).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93