Murray Hill Residential Rental Unit Trades for $388M

According to city records, Black Spruce Management has purchased the 416,337-square-foot residential rental unit spanning the 1st through 12th floors and 14th through 27th floors of One United Nations Park located at 685 First Avenue, as well as the 24,105-square-foot garage and 9,516-square-foot retail unit at the base of the 42-story tower. The remaining 236,569 square feet of the 686,527-square-foot building houses approximately 147 residential condominium units. The block-through property that spans the entire 1st Avenue block-front between East 39th and 40th Streets attracted a price of $387.5 million; and was sold by the late billionaire Sheldon Solow’s firm. The transaction was financed by a $290.625 million loan provided by JPMorgan.

Additional Referenced Source: https://therealdeal.com/2022/09/30/4493678/