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Black Spruce Management Acquires 761-Unit Multifamily Property In Murray Hill For $675M

626 1st Avenue - American Copper Buildings
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This MultiFamily property located in NY received a loan of $675,000,000 about 2 years ago. The brokers of the deal were Zachary (Zach) Kraft, Gideon Gil, Adam Spies, and Lauren Kaufman

The American Copper Buildings located at 626 1st Ave in Murray Hill have been involved in a recent closed transaction. The multifamily property spans approximately 900,000 square feet and consists of 761 units. The deal was facilitated by brokers Adam Spies, Gideon Gil, Zachary Kraft, and Lauren Kaufman from Cushman & Wakefield, representing the buyer, seller, landlord, or tenant.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $675,000,000
  • Address: 626 1st Ave
  • Market: Murray Hill
  • Brokers: Adam Spies, Gideon Gil, Zachary Kraft, and Lauren Kaufman - Cushman & Wakefield

The acquisition loan for this transaction was provided by JP Morgan. The landlord in this deal is Black Spruce Management. The loan amount for the transaction was $675,000,000, and it is classified as an acquisition loan.

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Deals
  • Location
    American Copper Buildings, 626 1st Ave, New York City, New York 10016, United StatesAmerican Copper Buildings, 626 1st Ave, New York City, New York 10016, United States
  • Loan Value
    $675,000,000$675,000,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    4 Brokers, 2 Agencies, 1 Lender4 Brokers, 2 Agencies, 1 Lender

Agents

Zachary (Zach) Kraft

Zachary (Zach) Kraft

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Financed$2B

Gideon Gil

Gideon Gil

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Financed$5.5B

Adam Spies

Adam Spies

Deals146
Financed$30.2B

Agencies

Cushman & Wakefield

Cushman & Wakefield

Agency
Deals4190
Volume$167B

Newmark

Newmark

Agency
Deals3894
Volume$397.4B

JPMorgan Chase

JPMorgan Chase

Lender
Deals167
Volume$ 2.2T

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Deal Summary

LOAN IMAGE: Adam Spies, Gideon Gil, Zachary Kraft & Lauren Kaufman DATE: 03/01/2022 ADDRESS: 626 1st Ave - American Copper Buildings MARKET: Murray Hill ASSET TYPE: Multifamily ~ SF: 900,000 ~ UNITS: 761 LENDER: JP Morgan LANDLORD: Black Spruce Management BROKERS: Adam Spies, Gideon Gil, Zachary Kraft & Lauren Kaufman - Cushman & Wakefield (@CushWake) LOAN AMOUNT: $675,000,000 LOAN TYPE: Acquisition Loan

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626 1st Avenue - American Copper Buildings

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