Amazon Acquires Office Building In Midtown South For $1.15B
424 5th Ave, New York, NY 10018, USA
$1,150,000,000
$1,742/SF
Building Size
660,000 SF
Asset Type
Office
Closing
Mar 11, 2020
About this deal
AI
Amazon founder Jeff Bezos has made another significant real estate investment, this time in the Midtown South market. Bezos' acquisition involves an office property located at 424 5th Avenue. The property, previously owned by WeWork, has been sold for an impressive price of $1,150,000,000. With a total area of 660,000 square feet, the property's price per square foot comes to $1,742.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $1,150,000,000
- Property Address: 424 5th Avenue
- Market: Midtown South
This lucrative deal was facilitated by Jeff Bezos on behalf of Amazon. As the founder and head of the company, Bezos is known for his strategic investments. WeWork, the seller in this transaction, has made a significant profit from the sale. The involvement of high-profile individuals such as Adam Neumann, Masayoshi Son, and Mauricio Claure adds further prestige to this transaction.
Players
New York 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
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93