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
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