Top Rock Holdings Acquires Office Building At 609 5th Ave. In Midtown Manhattan For $100.5M
609 5th Avenue, New York City, New York 10011, United States
$100,500,000
$562/SF
Building Size
178,825 SF
Asset Type
MultiFamily
Closing
Jun 14, 2022
AI
Located on the corner of 49th Street and Fifth Avenue in Midtown, Manhattan, the property at 609 5th Ave is an office condo spanning 139,000 square feet. It stands 12 stories high and comes with additional air rights. Situated in a prime location, this completely vacant office space is in close proximity to Saks Fifth Avenue and Rockefeller Center.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $100,500,000
- Square footage: 139,000 SF
- Price per square foot: $723
- Address: 609 5th Ave
- Market: Midtown, Manhattan
The transaction involved Top Rock Holdings as the buyer and SL Green Realty Corp. as the seller. The sale was facilitated by Mike Sezan and Isaac Matayev from Asset Commercial Realty Group, who acted as brokers for the deal. The transaction was completed off-market, highlighting Asset CRG Advisors' ability to secure exclusive investment opportunities.
For future investment opportunities, interested parties can contact Mike Sezan at 718-578-0546 or [email protected], as well as Isaac Matayev at 347-684-0037 or [email protected].
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93