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885 2nd Avenue

David Werner Real Estate Investments Acquires Office At 885 2nd Avenue For $270 Million
SOLDOffice

David Werner Real Estate Investments Acquires Office At 885 2nd Avenue For $270 Million

885 2nd Avenue

$270,000,000

$337/SF

Building Size

800,000 SF

Asset Type

Office

Closing

Dec 10, 2025

AI

The asset involved in this transaction is an office property located at 885 2nd Avenue in the Turtle Bay market of Manhattan. The sale is under contract with a total transaction amount of $270,000,000, encompassing 800,000 square feet, which translates to a price per square foot of $337.

Summary of transaction details:

The key individuals involved in this transaction include David Werner representing the buyer, David Werner Real Estate Investments. The seller is represented by the Rockpoint Group, while the brokerage services were provided by a team from Newmark, consisting of multiple brokers aiding in the transaction process.

Players

Adam Doneger

Newmark

Broker

$50.2B

vol

190 deals

Broker
Avery Silverstein
Verified Badge

Avery Silverstein

Newmark

Broker

$15.1B

vol

65 deals

Broker
David Werner

David Werner

Buyer

$2.2B

vol

18 deals

Buyer
Rockpoint Group
Rockpoint GroupSeller

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

0.06%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93