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885 2nd Ave, New York, NY 1...

Ruben Companies Sells One Dag Hammarskjöld Plaza Office Building In Midtown For $600M To Rockpoint Group
SOLDOffice

Ruben Companies Sells One Dag Hammarskjöld Plaza Office Building In Midtown For $600M To Rockpoint Group

885 2nd Ave, New York, NY 10017, USA

$600,000,000

$736/SF

Building Size

815,000 SF

Asset Type

Office

Closing

Sep 6, 2018

AI

The Ruben Companies has sold the office building at 885 Second Avenue, located in Midtown, for a price of $600,000,000. The property has a total square footage of 815,000 and a price per square foot of $730. The buyer of the property is Rockpoint Group.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $600,000,000
  • Square Footage: 815,000
  • Price per Square Foot: $730
  • Address: 885 Second Avenue (One Dag Hammarskjöld Plaza)
  • Market: Midtown

Cushman & Wakefield, represented by Douglas Harmon, Adam Spies, and Kevin Donner, facilitated the sale of the property.

Players

Adam Spies
Verified Badge

Adam Spies

Newmark

Broker

$71.7B

vol

263 deals

Broker
Cushman & Wakefield
Cushman & WakefieldBrokerage
Rockpoint Group
Rockpoint GroupBuyer
Ruben Companies
Ruben CompaniesSeller
Rockpoint Group
Rockpoint GroupLender

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

0.03%

Cash-on-Cash

-0.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93