The Birch Group Acquires Long Island Office Building For $213M
2 Jericho Plaza, Jericho, New York 11753, United States
$213,000,000
$306/SF
Building Size
695,000 SF
Asset Type
Office
Closing
Jan 4, 2022
About this deal
AI
The office property located at 2 Jericho Plaza in Long Island was recently sold for a total amount of $213,000,000. The property spans 695,000 square feet, resulting in a price per square foot of $306. The transaction took place on January 4, 2022.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $213,000,000
- Address: 2 Jericho Plaza
- Market: Long Island
The buyer of this office property was The Birch Group, while the sellers were DRA Advisors and Onyx Equities. The deal was facilitated by the brokers Phil D'Avanzo, David Bernhaut, Gary Gabriel, Andrew Merin, and Ryan Larkin of Cushman & Wakefield.
On the Map
$213,000,000
$306/SF
Office
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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