Maverick Real Estate Partners Acquires Office Building At 390 5th Avenue For $49.95M
390 5th Avenue
$49,950,000
$374/SF
Building Size
133,544 SF
Asset Type
Office
Closing
Jun 30, 2026
About this deal
AI
The office building at 390 5th Avenue, located in the Garment District of Manhattan, was involved in a transaction where Maverick Real Estate Partners acquired the property for $49,950,000. The building encompasses a total area of 133,544 square feet, resulting in a price per square foot of $374.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $49,950,000
- Address: 390 5th Avenue
- Market: Garment District, Manhattan
- Buyer: David Aviram & Ted Martell - Maverick Real Estate Partners
- Seller: Hilson Management
- Square Footage: 133,544
- Price per Square Foot: $374
Maverick Real Estate Partners, represented by David Aviram and Ted Martell, took control of the office asset through an entity-level transaction, thereby resolving an existing dispute with Hilson Management related to a $47.4 million loan and claims of default.
On the Map
$49,950,000
$374/SF
Office
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Players
New 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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93