Memorial Sloan Kettering Acquires Office Building In Midtown East, Manhattan For $300M
885 3rd Avenue, New York City, New York 10022, United States
$300,000,000
$541/SF
Building Size
554,180 SF
Asset Type
Office
Closing
Aug 17, 2022
About this deal
AI
The office building located at 885 3rd Avenue in Midtown East, Manhattan, was recently sold in a transaction facilitated by Michael P. Herrington and Jeffrey T. Steiner. The property, spanning 554,180 square feet, was acquired by Memorial Sloan Kettering, with Michael P. Herrington representing the buyer. The seller in this transaction was SL Green Realty, with Jeffrey T. Steiner serving as their representative.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $300,000,000
- Square Footage: 554,180
- Price per Square Foot: $541
- Address: 885 3rd Avenue
- Market: Midtown East, Manhattan
This significant deal involved Memorial Sloan Kettering acquiring the office building at 885 3rd Avenue. Representing the buyer, Michael P. Herrington played a crucial role in the transaction. SL Green Realty acted as the seller, with their representative, Jeffrey T. Steiner, facilitating the sale. The purchase price for this property amounted to $300,000,000, with each square foot valued at $541.
On the Map
$300,000,000
$541/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93