The Birch Group Acquires Office Property In Jericho For $212M
1 Jericho Plaza, Jericho, New York 11753, United States
$212,000,000
$318/SF
Building Size
665,592 SF
Asset Type
Office
Closing
Dec 31, 2021
AI
Located in Jericho, the office property at 1 & 2 Jericho Plaza has been sold in a recent transaction. The sale, which took place on December 31, 2021, involved The Birch Group, represented by Mark Meisner, as the buyer, and DRA Advisors and Onyx Equities as the seller. The property was marketed by brokers David Bernhaut, Adam Spies, Adam G. Doneger, Andy Merin, and Gary Gabriel from CushWake. With a sale price of $212,000,000 and a total square footage of 665,592, the property showcases an impressive price per square foot of $318.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $212,000,000
- Address: 1 & 2 Jericho Plaza
- Market: Jericho
Mark Meisner, representing The Birch Group, acted as the buyer in this transaction, while DRA Advisors and Onyx Equities served as the sellers. The deal was facilitated by brokers David Bernhaut, Adam Spies, Adam G. Doneger, Andy Merin, and Gary Gabriel from CushWake. The property's noteworthy characteristics include its prime location in Jericho, a substantial total square footage of 665,592, and a remarkable price per square foot of $318.
Players
Jericho Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93