Meridian Capital Group Facilitates $318 Million Recapitalization Of Office Asset At 650 Fifth Avenue
SOLD
$318,000,000
New York
See Similar DealsOffice373,476 SF
Sold 03/04/2026
SOLD
Meridian Capital Group Facilitates $318 Million Recapitalization Of Office Asset At 650 Fifth Avenue
650 5th Avenue
See Similar DealsOffice373,476 SF
Sold 03/04/2026
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$851
Total Square Footage:373,476 SF
Transaction Type:Sale
The property asset involved in the transaction is an office located at 650 Fifth Avenue in the Plaza District. The sale price for this asset was $318,000,000, representing 40% of the transaction. The total square footage of the property is 373,476 square feet.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $318,000,000
- Address: 650 Fifth Avenue
- Market: Plaza District
- Square Footage: 373,476
- Brokers: Helen Hwang, Brian Szczapa & Ian Shoenfeld - Meridian Capital Group
The transaction involved key brokers Helen Hwang, Brian Szczapa, and Ian Shoenfeld, who represented the deal through Meridian Capital Group, facilitating the closure of this significant office property transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$16,960,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,129,786.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,507,482.24
Annual Debt Service$18,089,786.83
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