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Mark Karasick Of 601W Cos Acquires Office From Rockpoint Group For $265.25M In Midtown Manhattan
SOLD
$265,250,000
New York
See Similar DealsOffice817,136 SF
Sold 06/10/2026
SOLD
Mark Karasick Of 601W Cos Acquires Office From Rockpoint Group For $265.25M In Midtown Manhattan
885 2nd Avenue
See Similar DealsOffice817,136 SF
Sold 06/10/2026
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$324
Total Square Footage:817,136 SF
Transaction Type:Sale
Located at 885 2nd Avenue in Midtown Manhattan, this office asset was sold by Rockpoint Group to Mark Karasick of 601W Companies. The property comprises 817,136 square feet and was transacted for $265,250,000, or approximately $325 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $265,250,000
- Buyer: Mark Karasick - 601W Cos
- Seller: Rockpoint Group
- Total Square Footage: 817,136
- Price Per Square Foot: $325
- Market: Midtown Manhattan
- Financing: $215M package from JPMorgan Chase Bank
The transaction was arranged by Newmark, facilitating the sale as 601W Companies acquired One Dag Hammarskjold Plaza from Rockpoint Group. This strategic move highlights the ongoing activity in the Midtown Manhattan office market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$14,146,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$942,377.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,257,420.32
Annual Debt Service$15,089,043.89
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