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:
- Property Type: Office
- Transaction Amount: $250,000,000
- Address: 885 2nd Avenue
- Market: Manhattan
- Lender: Jamie Dimon
- Landlord: David Werner
- Landlord's Representative: Jordan Roeschlaub, Nick Scribani & Christopher Kramer - Newmark
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
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