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685 1st Avenue

Updated Sep 11, 2026

SOLDMultiFamily

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

685 1st Avenue

$387,500,000

$1,053/SF

Building Size

367,813 SF

Asset Type

MultiFamily

Closing

Sep 26, 2022

About this deal

AI

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.

On the Map

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$387,500,000

$1,053/SF

MultiFamily

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Players

Adam Doneger

Newmark

Broker

$54.8B

vol

199 deals

Broker
Adam Spies
Verified Badge

Adam Spies

Newmark

Broker

$76.8B

vol

276 deals

Broker
Meyer Orbach

Meyer Orbach

Black Spruce Management

Buyer

$3.4B

vol

32 deals

Buyer
SC
Solow Building CompanySeller
Bilt advertisement

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $1.1K per square foot on a published $387.5M for 367,813 square feet (2022).

Visit Marcella Fasulo to view all their deals.

Browse New York multifamily sales on Traded.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.04%

Cash-on-Cash

-0.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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