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Black Spruce Management Acquires Multifamily Asset In Murray Hill For $850M

626 1st Avenue
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This MultiFamily property located in NY was sold for $850,000,000 over 2 years ago. The brokers of the deal were Marcella Fasulo, Douglas (Doug) Harmon, Adam Spies, Michael J Collins, and Adam Doneger

The multifamily property located at 626 1st Avenue in Murray Hill is currently in contract for sale. The transaction involves a sale price of $850,000,000, with a square footage of 922,780. This amounts to a price per square foot of $921. The property consists of 760 units, and the price per unit is $1,118,421.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $850,000,000
  • Address: 626 1st Avenue
  • Market: Murray Hill
  • Zoning: C4-6

The buyer of the property is Black Spruce Management, while the seller is Michael Stern of JDS Development Group and Baupost Group. The deal was facilitated by Doug Harmon, Adam Spies, Adam Doneger, Marcella Fasulo, and Michael Collins of Cushman & Wakefield.

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Deals
  • Location
    626 1st Avenue626 1st Avenue
  • Sale Price
    $850,000,000$850,000,000
    $921 PPSF$921 PPSF
  • Area
    922,780 SF922,780 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    5 Brokers, 2 Agencies5 Brokers, 2 Agencies

Agents

Michael J Collins

Michael J Collins

Deals10
Sold$4.3B

Marcella Fasulo

Marcella Fasulo

Deals45
Financed$10.9B

Douglas (Doug) Harmon

Douglas (Doug) Harmon

Deals80
Financed$22.4B

Adam Spies

Adam Spies

Deals146
Financed$30.2B

Adam Doneger

Adam Doneger

Deals93
Financed$20.9B

Agencies

Newmark

Newmark

Agency
Deals3894
Volume$397.4B

Cushman & Wakefield

Cushman & Wakefield

Agency
Deals4190
Volume$167B

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Deal Summary

SALE - IN CONTRACT IMAGE: Adam Spies, Doug Harmon, Michael Stern, Adam Doneger, Marcella Fasulo & Michael Collins DATE: 12/2021 ADDRESS: 626 1st Avenue MARKET: Murray Hill ASSET TYPE: Multifamily ~ ZONING: C4-6 BUYER: Black Spruce Management SELLER: Michael Stern - @JDSDevelopmentGroup & Baupost Group BROKERS: Doug Harmon, Adam Spies, Adam Doneger (@ADoneger), Marcella Fasulo (@MMFasulo) & Michael Collins - Cushman & Wakefield (@CushWake) SALE PRICE: $850,000,000 SF: 922,780 ~ PPSF: $921 UNITS: 760 ~ PPU: $1,118,421

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