Jacob Chetrit Acquires Office Building On East 42nd Street In Midtown Manhattan For $815M

The property involved in this transaction is an office building located at 220 East 42nd Street in Midtown. It has a total square footage of 1,139,860 square feet. The property was recently sold in a contract for a price of $815,000,000, which equates to a price per square foot of $715.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $815,000,000
• Address: 220 East 42nd Street
• Market: Midtown

The buyer of the property is Jacob Chetrit, while the seller is SL Green Realty. The deal was facilitated by brokers Adam Spies and Doug Harmon of CushWake, as well as Robert Verrone of Iron Hound Management. It's worth noting that SL Green initially purchased the property in 2003 for $265 million, following a preferred equity investment of $53.5 million in 2001. The building currently boasts an occupancy rate of 97% and the highest net operating income (NOI) since SL Green's acquisition. Among the notable tenants are the Omnicom Group, WPIX, and the United Nations.