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SL Green Realty Corp Sells 625 Madison Avenue In Central Midtown, Manhattan For $632.5M To Jeff T. Blau Of Related Cos
SOLD
$632,500,000
New York
See Similar DealsOffice583,000 SF
Sold
SOLD
SL Green Realty Corp Sells 625 Madison Avenue In Central Midtown, Manhattan For $632.5M To Jeff T. Blau Of Related Cos
625 Madison Avenue
See Similar DealsOffice583,000 SF
Sold
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1084
Total Square Footage:583000 SF
Transaction Type:Sale
Manhattan's largest office landlord, SL Green Realty Corp., is set to sell the fee ownership interest in 625 Madison Avenue for $632.5 million. The property, located in Central Midtown, Manhattan, is an office building with a total square footage of 563,000. The sale price equates to $1,123 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $632,500,000
- Address: 625 Madison Avenue
- Market: Central Midtown, Manhattan
- Buyer: Jeff T. Blau - Related Cos
- Seller: SL Green Realty Corp.
The buyer, Jeff T. Blau, represents Related Cos in the deal. The seller, on the other hand, includes Marc Holliday and Brett Herschenfeld, who are part of SL Green Realty Corp. This transaction signifies a significant move by SL Green Realty Corp. to divest its ownership interest in 625 Madison Avenue in Manhattan.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$33,733,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,247,138.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,998,372.69
Annual Debt Service$35,980,472.24
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