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David Werner Of David Werner Real Estate Acquires 675 Third Avenue Office Building For $100M
SOLD
$100,000,000
New York
See Similar DealsOffice340,000 SF
Sold 01/14/2025
SOLD
David Werner Of David Werner Real Estate Acquires 675 Third Avenue Office Building For $100M
675 3rd Avenue
See Similar DealsOffice340,000 SF
Sold 01/14/2025
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$294
Total Square Footage:340,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,333,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$355,278.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$474,051.02
Annual Debt Service$5,688,612.21
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