David Werner Of David Werner Real Estate Acquires 675 Third Avenue Office Building For $100M
675 3rd Avenue
$100,000,000
$294/SF
Building Size
340,000 SF
Asset Type
Office
Closing
Jan 14, 2025
AI
675 3rd Avenue, located in Midtown, is an office asset involving a sale price of $100,000,000. The property spans 340,000 square feet, resulting in a price per square foot of $294.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $100,000,000
- Address: 675 3rd Avenue
- Market: Midtown
- Square Footage: 340,000
- Price per Square Foot: $294
- Buyer: David Werner - David Werner Real Estate
- Seller: Jody Durst - Durst Organization
- Broker Representatives: Adam Doneger & Adam Spies - Newmark
The transaction involves David Werner Real Estate Investments acquiring the property from the Durst Organization, with plans for a potential office-to-residential conversion being considered.
Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93