Marc Holiday Of SL Green And Scott Rechler Of RXR Modify $940M Loan On One Worldwide Plaza
825 8th Avenue
$940,000,000
$470/SF
Building Size
2,000,000 SF
Asset Type
Office
Closing
Mar 13, 2025
About this deal
AI
The asset involved is a 2,000,000 square foot office property located at 825 8th Avenue in Manhattan. This asset is now linked to a loan amounting to $940,000,000, representing significant financing in the current real estate market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $940,000,000
- Address: 825 8th Avenue
- Market: Manhattan
- Landlord: Marc Holiday - SL Green & Scott Rechler - RXR
- Occupancy: 60%
- Loan Maturity: November 2027
SL Green and RXR have worked to modify the $940 million CMBS loan on One Worldwide Plaza, which had been experiencing months of delinquency. This modification allows the property to move out of special servicing, and the landlords will utilize loan reserves to manage operating expenses and cover any debt service shortfalls.
On the Map
$940,000,000
$470/SF
Office
View full map
Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
Loading comparables…
Deal FAQ
Visit Scott Rechler to view all their deals.
Browse New York office loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93