RXR Realty Secures $785 Million Acquisition Loan From Apollo Global Management For 590 Madison Avenue
590 Madison Avenue
$785,000,000
$762/SF
Building Size
1,030,000 SF
Asset Type
Office
Closing
Aug 13, 2025
About this deal
AI
The asset involved in this transaction is an office property located at 590 Madison Avenue, situated in the Midtown Manhattan market. The property encompasses a total square footage of 1,030,000. The acquisition loan for this property amounts to $785,000,000, facilitated by Apollo Global Management.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $785,000,000
- Address: 590 Madison Avenue
- Market: Midtown Manhattan
- Asset Size: 1,030,000 SF
- Lender: Apollo Global Management
- Borrower: RXR Realty
- Landlord's Rep: Grant Frankel, Rob Turner & Drew Ahlers - Eastdil Secured
- Loan Type: Acquisition
This transaction involved key representatives from Eastdil Secured, including Grant Frankel, Rob Turner, and Drew Ahlers, who managed the landlord's representation throughout the acquisition process. RXR Realty is noted as the borrower in the deal.
On the Map
$785,000,000
$762/SF
Office
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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
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93