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885 2nd Avenue

David Werner Secures $250 Million Acquisition Loan For 885 2nd Avenue Office In Manhattan
FINANCEDOffice

David Werner Secures $250 Million Acquisition Loan For 885 2nd Avenue Office In Manhattan

885 2nd Avenue

$250,000,000

$287/SF

Building Size

870,000 SF

Asset Type

Office

Closing

Jun 8, 2026

AI

The property asset involved in this transaction is located at 885 2nd Avenue in Manhattan. This office space encompasses a total square footage of 870,000 and pertains to an acquisition loan of $250,000,000.

Summary of transaction details:

The deal involves key individuals such as the lender Jamie Dimon and landlord David Werner. The representatives for the landlord, facilitating this transaction, are Jordan Roeschlaub, Nick Scribani, and Christopher Kramer from Newmark.

Players

Nick Scribani

Newmark

Broker

$55.9B

vol

198 deals

Broker
David Werner

David Werner

Landlord

$2.2B

vol

18 deals

Landlord

New York Office Market Snapshot

Boundary boundary · Office · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.06%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93