RFR Realty Acquires 522 Fifth Avenue Office Building In Midtown Manhattan From Morgan Stanley For $350M
522 5th Ave, New York, NY 10036, USA
$350,000,000
$60/SF
Building Size
5,750,000 SF
Asset Type
Office
Closing
Mar 16, 2020
About this deal
AI
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.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93