David Werner Acquires 49% Stake In 605 Third Avenue Office Tower From Winston Fisher
605 3rd Avenue
Building Size
—
Asset Type
Office
Closing
Oct 22, 2026
About this deal
AI
David Werner acquired a 49% stake in the 43-story office tower located at 605 3rd Avenue in Midtown Manhattan. The asset comprises 1 million square feet of office space. The transaction was completed in October 2026, marking a significant addition to Werner's real estate portfolio.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Undisclosed
- Address: 605 3rd Avenue
- Market: Midtown Manhattan
- Buyer: David Werner - David Werner Real Estate
- Seller: Winston Fisher - Fisher Brothers
- Stake: 49%
Fisher Brothers decided to withdraw its proposed $100 million bond offering due to weak investor demand and market conditions, opting for alternative financing to support property upgrades and leasing costs. This decision reflects the current challenges faced in the real estate market.
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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