RXR Realty And SL Green Acquire Worldwide Plaza In Manhattan For $1.73B
825 8th Ave, New York, NY 10019, USA
Building Size
2,055,583 SF
Asset Type
Office
Closing
Sep 16, 2017
About this deal
AI
The Worldwide Plaza, located at 825 Eighth Avenue in New York City, has changed hands in a notable office transaction. The property encompasses a total area of 2,055,583 square feet, making it a significant asset in Manhattan's office market. The transaction saw a 48.7% interest in the property being sold for a staggering price of $1,725,000,000, with a price per square foot of $839.
Summary of Transaction Details:
- Property Type: Office
- Transaction Amount: $1,725,000,000
- Square Footage: 2,055,583
- Price per Square Foot: $839
- Address: 825 Eighth Avenue, New York
- Market: Manhattan
The seller of the Worldwide Plaza was NY Reit, while the buyers involved in the transaction were @RXR_Realty and SL Green (@slgreen_realty). The deal was facilitated by the brokers Eastdil Secured and CBRE.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93