Updated Jun 5, 2025
Black Spruce Management Acquires 761-Unit Multifamily Property In Murray Hill For $675M
American Copper Buildings, 626 1st Ave, New York City, New York 10016, United States
$675,000,000
$750/SF
Building Size
900,000 SF
Asset Type
MultiFamily
Closing
Feb 28, 2022
About this deal
AI
The American Copper Buildings located at 626 1st Ave in Murray Hill have been involved in a recent closed transaction. The multifamily property spans approximately 900,000 square feet and consists of 761 units. The deal was facilitated by brokers Adam Spies, Gideon Gil, Zachary Kraft, and Lauren Kaufman from Cushman & Wakefield, representing the buyer, seller, landlord, or tenant.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $675,000,000
- Address: 626 1st Ave
- Market: Murray Hill
- Brokers: Adam Spies, Gideon Gil, Zachary Kraft, and Lauren Kaufman - Cushman & Wakefield
The acquisition loan for this transaction was provided by JP Morgan. The landlord in this deal is Black Spruce Management. The loan amount for the transaction was $675,000,000, and it is classified as an acquisition loan.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Zachary (Zach) Kraft to view all their deals.
Browse New York multifamily loans on Traded.
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