RXR Realty Acquires Office Asset At 590 Madison Avenue From State Teachers Retirement System For $1.08B
590 Madison Avenue
$1,080,000,000
$1,048/SF
Building Size
1,030,000 SF
Asset Type
Office
Closing
Aug 13, 2025
About this deal
AI
The transaction involved the sale of an office asset located at 590 Madison Avenue in the Plaza District of Manhattan. The sale price for the property was $1,080,000,000, encompassing a total square footage of 1,030,000, resulting in a price per square foot of $1,048.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $1,080,000,000
- Address: 590 Madison Avenue
- Market: Plaza District, Manhattan
- Square Footage: 1,030,000
- Price per Square Foot: $1,048
- Buyer: RXR Realty - Scott Rechler
- Seller: State Teachers Retirement System of Ohio
- Broker: Gary Phillips, Will Silverman, Jeff Organisciak, Alana Bassen & Carly Shoulberg - Eastdil Secured
The deal was facilitated by a team of brokers from Eastdil Secured, including Gary Phillips, Will Silverman, Jeff Organisciak, Alana Bassen, and Carly Shoulberg, who represented the seller, State Teachers Retirement System of Ohio. The buyer, RXR Realty, was represented by Scott Rechler in this high-value transaction.
On the Map
$1,080,000,000
$1,048/SF
Office
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Players
New York 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
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93