Ruben Companies Sells One Dag Hammarskjöld Plaza Office Building In Midtown For $600M To Rockpoint Group
SOLD
$600,000,000
New York
See Similar DealsOffice815,000 SF
Sold 09/07/2018
SOLD
Ruben Companies Sells One Dag Hammarskjöld Plaza Office Building In Midtown For $600M To Rockpoint Group
885 2nd Ave, New York, NY 10017, USA
See Similar DealsOffice815,000 SF
Sold 09/07/2018
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$736
Total Square Footage:815,000 SF
Transaction Type:Sale
The Ruben Companies has sold the office building at 885 Second Avenue, located in Midtown, for a price of $600,000,000. The property has a total square footage of 815,000 and a price per square foot of $730. The buyer of the property is Rockpoint Group.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $600,000,000
- Square Footage: 815,000
- Price per Square Foot: $730
- Address: 885 Second Avenue (One Dag Hammarskjöld Plaza)
- Market: Midtown
Cushman & Wakefield, represented by Douglas Harmon, Adam Spies, and Kevin Donner, facilitated the sale of the property.
Players
BROKERAGE
BUYER
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$31,999,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,131,673.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,844,306.11
Annual Debt Service$34,131,673.27
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