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Scott Rechler Of RXR Acquires 590 Madison Avenue From State Teachers Retirement System Of Ohio For $1.1B
SOLD
$1,100,000,000
New York
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Sold
SOLD
Scott Rechler Of RXR Acquires 590 Madison Avenue From State Teachers Retirement System Of Ohio For $1.1B
590 Madison Avenue
See Similar DealsOffice
Sold
Summary
NEW YORK
Asset Type:Office
Transaction Type:Sale
The asset involved in this transaction is an office property located at 590 Madison Avenue in Manhattan. The sale price for this transaction is $1,100,000,000, marking a significant financial commitment in the commercial real estate market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $1,100,000,000
- Buyer: Scott Rechler - RXR
- Seller: State Teachers Retirement System of Ohio (STRS Ohio)
- Brokers: Will Silverman & Gary Phillips - Eastdil Secured
Key individuals involved in this deal include Scott Rechler, who is leading RXR in the acquisition from the Ohio teachers' pension fund. The transaction is notable as it represents NYC’s priciest office deal since Google’s substantial acquisition in 2022.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$58,666,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$3,908,067.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,214,561.19
Annual Debt Service$62,574,734.33
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