Black Spruce Management & Meyer Orbach Acquire Multifamily Property In Murray Hill For $387.5M

The multifamily property located at 685 1st Ave. in Murray Hill has been sold in a closed transaction. The property consists of 408 units with a total square footage of 367,813. The sale price for this transaction was $387,500,000, resulting in a per unit price of $949,754 and a price per square foot of $1,053.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $387,500,000
• Address: 685 1st Ave.
• Market: Murray Hill

The buyers of this property were Black Spruce Management and Meyer Orbach, while the seller was Solow Building Company. The deal was facilitated by Adam Spies, Adam Doneger, Marcella Fasulo, and Michael Collins of Cushman & Wakefield acting as the brokers. These key individuals and companies played a crucial role in the successful completion of this transaction.