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Extell Development Acquires Office Asset From American Jewish Committee For $39M In Manhattan

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SOLD
$39,000,000

New York

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Office59,000 SF
Sold 05/14/2026
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Property Image
SOLD

Extell Development Acquires Office Asset From American Jewish Committee For $39M In Manhattan

165 East 56th Street

See Similar Deals
Office59,000 SF
Sold 05/14/2026
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$661
Total Square Footage:59,000 SF
Transaction Type:Sale

The property asset involved in the transaction is located at 165 East 56th Street in Manhattan, and it is classified as an office. The sale was executed for a total amount of $39,000,000, encompassing 59,000 square feet, resulting in a price per square foot of $661.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $39,000,000
  • Address: 165 East 56th Street
  • Market: Manhattan
  • Square Footage: 59,000
  • Price per Square Foot: $661
  • Buyer: Extell Development
  • Seller: American Jewish Committee
  • Seller's Representatives: Daniel Kaplan, Doug Middleton & Justin Arzi - CBRE

The deal featured key individuals including representatives from CBRE, Daniel Kaplan, Doug Middleton, and Justin Arzi, who facilitated the sale on behalf of the seller, the American Jewish Committee. Their involvement was critical in navigating the transaction and ensuring a successful sale.

Players

Doug Middleton
37 deals$6.9B volume(917) 767-6955
BROKER

Justin Arzi
CBRE
38 deals$1.2B volume(212) 984-7142
BROKER

Daniel (Dan) Kaplan
CBRE
55 deals$1.7B volume
BROKER

Details

SOLD
IMAGE: Daniel Kaplan, Doug Middleton, Gary Barnett, Justin Arzi & Ted Deutsch DATE: 5/14/2026 ADDRESS: 165 East 56th Street MARKET: Manhattan ASSET TYPE: Office BUYER: Extell Development (@Extell) SELLER: American Jewish Committee SELLER'S REP: Daniel Kaplan (@DKap24), Doug Middleton & Justin Arzi (@Arzigram) - CBRE (@CBRE) SALE PRICE: $39,000,000 SF: 59,000 ~ PPSF: $661

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,080,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$138,558.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$184,879.90
Annual Debt Service$2,218,558.76