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Steven Roth Of Vornado Realty Trust Acquires Office Building From Charles S. Cohen For $218M

Property Image
SOLD
$218,000,000

New York

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Office382,500 SF
Sold 08/25/2025
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Property Image
SOLD

Steven Roth Of Vornado Realty Trust Acquires Office Building From Charles S. Cohen For $218M

623 5th Avenue

See Similar Deals
Office382,500 SF
Sold 08/25/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$569
Total Square Footage:382,500 SF
Transaction Type:Sale

The transaction involves the sale of an office property located at 623 5th Avenue, Manhattan. The asset is a largely vacant 36-story office building, with a total area of 382,500 square feet. The sale price for the property was $218,000,000, which reflects a price per square foot of $570.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $218,000,000
  • Buyer: Steven Roth - Vornado Realty Trust
  • Seller: Charles S. Cohen - Cohen Brothers Realty
  • Square Footage: 382,500
  • Price Per Square Foot: $570

Vornado Realty Trust, represented by Steven Roth, is acquiring the property from Cohen Brothers Realty, led by Charles S. Cohen. The acquisition is part of Vornado's plan to redevelop the building into a Class A boutique office space, with anticipated completion in 2027.

Players

Steven Roth
Vornado Realty Trust
Steven Roth
45 deals$4.4B volume
BUYER
Vornado Realty Trust
Vornado Realty Trust
BUYER
CR
Cohen Brothers Realty
SELLER
CR
Cohen Brothers Realty
SELLER

Details

SOLD
IMAGE: Steven Roth & Charles S. Cohen DATE: 08/25/2025 ADDRESS: 623 5th Avenue MARKET: Manhattan ASSET TYPE: Office BUYER: Steven Roth - Vornado Realty Trust (@VornadoRealtyTrust) SELLER: Charles S. Cohen - Cohen Brothers Realty SALE PRICE: $218,000,000 SF: 382,500 ~ PPSF: $570 NOTE: Vornado Realty Trust is acquiring the largely vacant 36-story office building at 623 Fifth Avenue from Cohen Brothers Realty for $218 million. The REIT plans to redevelop the 382,500-square-foot property into a Class A boutique office building, with completion expected in 2027.

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

$11,626,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$774,507.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,033,431.22
Annual Debt Service$12,401,174.62