Black Spruce Management Acquires Multifamily Asset In Murray Hill For $850M

The multifamily property located at 626 1st Avenue in Murray Hill is currently in contract for sale. The transaction involves a sale price of $850,000,000, with a square footage of 922,780. This amounts to a price per square foot of $921. The property consists of 760 units, and the price per unit is $1,118,421.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $850,000,000
• Address: 626 1st Avenue
• Market: Murray Hill
• Zoning: C4-6

The buyer of the property is Black Spruce Management, while the seller is Michael Stern of JDS Development Group and Baupost Group. The deal was facilitated by Doug Harmon, Adam Spies, Adam Doneger, Marcella Fasulo, and Michael Collins of Cushman & Wakefield.