RFR Realty Acquires 522 Fifth Avenue Office Building In Midtown Manhattan From Morgan Stanley For $350M
SOLD
$350,000,000
New York
See Similar DealsOffice5,750,000 SF
Sold 03/17/2020
SOLD
RFR Realty Acquires 522 Fifth Avenue Office Building In Midtown Manhattan From Morgan Stanley For $350M
522 5th Ave, New York, NY 10036, USA
See Similar DealsOffice5,750,000 SF
Sold 03/17/2020
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$60
Total Square Footage:5,750,000 SF
Transaction Type:Sale
RFR Realty has purchased an office building located at 522 Fifth Avenue in Midtown for a price of $350,000,000. The property spans a total area of 575,000 square feet, resulting in a price per square foot of $608. The seller of the property was Morgan Stanley.
Summary of transation details
- Property Type: Office
- Transaction Amount: $350,000,000
- Address: 522 Fifth Avenue
- Market: Midtown
- Square footage: 575,000
- Price per square foot: $608
- Buyer: RFR Realty
- Seller: Morgan Stanley
The deal was facilitated by James Gorman from Morgan Stanley, representing the seller, and @AbyRosen from RFR Realty, representing the buyer.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$18,666,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,243,476.07
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,659,178.56
Annual Debt Service$19,910,142.74
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