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Pearl Realty Management Acquires Office At 21-00 49th Avenue From BrightSpire Capital For $28M

Property Image
SOLD
$28,000,000
Daniel (Dan) O'Brien
David Ratner

New York

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Office129,068 SF
Sold
the dealplayerscompscontact
Property Image
SOLD

Pearl Realty Management Acquires Office At 21-00 49th Avenue From BrightSpire Capital For $28M

21-00 49th Avenue

See Similar Deals
Office129,068 SF
Sold
Daniel (Dan) O'Brien
David Ratner
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$216
Total Square Footage:129068 SF
Transaction Type:Sale

The property asset involved in the transaction is an office located at 21-00 49th Avenue in Long Island City. The sale price for the property was $28,000,000, with a total square footage of 129,068, which brings the price per square foot to $216.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $28,000,000
  • Address: 21-00 49th Avenue
  • Market: Long Island City
  • Square Footage: 129,068
  • Price per Square Foot: $216
  • Buyer: Pearl Realty Management
  • Seller: BrightSpire Capital
  • Buyer's Representative: David Ratner - Douglas Elliman
  • Seller's Representative: Daniel O'Brien - Newmark

The transaction featured David Ratner representing the buyer, Pearl Realty Management, and Daniel O'Brien representing the seller, BrightSpire Capital. Each broker played a crucial role in facilitating the deal between the involved parties.

Players

Daniel (Dan) O'Brien
Newmark
Daniel O'Brien
142 deals$4.5B volume(212) 698-5584
BROKER
David Ratner
Douglas Elliman
David Ratner
1 deal$28M volume(347) 501-0860
BROKER
PM
Pearl Realty Management
BUYER
BrightSpire Capital
BrightSpire Capital
SELLER

Details

SOLD
IMAGE: Daniel O'Brien & David Ratner DATE: 3/9/2026 ADDRESS: 21-00 49th Avenue MARKET: Long Island City ASSET TYPE: Office BUYER: Pearl Realty Management SELLER: BrightSpire Capital BUYER'S REP: David Ratner (@DaveRatnernyc) - Douglas Elliman (@DouglasElliman) SELLER'S REP: Daniel O'Brien - Newmark (@Newmark) SALE PRICE: $28,000,000 SF: 129,068 ~ PPSF: $216

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,493,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$99,478.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$132,734.28
Annual Debt Service$1,592,811.42