David Werner, 601W Companies’ $265.2M purchase of Rockpoint office in Midtown East gets recorded

David Werner Real Estate Investments and 601W Companies through the entity One Dag Owner Lp paid $265.2 million to Rockpoint Group through the entity 885 Second Avenue Owner LLC for the office building (O4) at 885 2nd Avenue in Midtown East, Manhattan. The expected use is cash flowing.
The deal closed on June 5, 2026 and was recorded on June 18, 2026. The property has 805,467 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $329 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property in January 2019, for $565.75 million. The signatory for Rockpoint Group was Joseph A. Goldman . The signatory for David Werner Real Estate Investments and 601W Companies was David Werner . The contract date was November 26, 2025. Simultaneously with the purchase, David Werner terminated the 49-year ground lease Rockpoint had created just after buying the property in 2019. At that time, the Rockpoint buyer entity executed the 49-year ground lease with another Rockpoint entity as lessee.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer David Werner Real Estate Investments purchased properties in 13 transactions for a total of $819.2 million and has no record it sold any properties over the past 24 months.
The seller Rockpoint Group purchased two properties in one transaction for a total of $66.3 million and had not sold any properties over the same time period. The 805,467-square-foot property generated revenue of $46.7 million or $58 per square foot, according to the most recent income and expense figures.
The Real Deal reported on June 10, 2026 that the property at 885 Second Avenue, New York, NY was sold for $270 million by Rockpoint Group.

The Real Deal reported on June 10, 2026 that David Werner Real Estate Investments borrowed $250 million from JPMorgan for 885 Second Avenue, New York, NY. The borrower-side brokers were Jordan Roeschlaub and Nick Scribani of Newmark.

Commercial Observer reported on June 15, 2026 that 601W Companies and David Werner Real Estate Investments borrowed $40 million from Tishman Speyer in mezzanine debt for 885 Second Avenue, New York, NY.

The property

The office building in Midtown East has 805,467 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 294 feet deep with a total lot size of 40,820 square feet. The lot is irregular. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $261.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $490 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 22, 2021. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the highest sale turnover among other neighborhoods in the city with $6.5 billion in sales volume in the last two years. For development, Midtown East is the 3rd most active neighborhood among other neighborhoods. It had 18.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 30 percent of the neighborhood’s built space. There were 230 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 1,568,010 square feet of the 1,583,412 square feet. The largest owner is Rockpoint Group, followed by New York Life Insurance Company and then Quantum Pacific Group.
There are no active new building construction projects on this tax block.

The majority, or 95 percent of the 1.6 million square feet of built space are office buildings, with elevator buildings next occupying 5 percent of the space.

The seller

The PincusCo database currently indicates that Rockpoint Group owned at least 15 commercial properties with 9,627 residential units in New York City with 9,219,360 square feet and a PincusCo-determined asset value of $2.5 billion. The portfolio has $1.2 billion in debt, with top three lenders as Wells Fargo , Apollo Global Management , and PGIM Real Estate respectively. Within the portfolio, the bulk, or 75 percent of the 9,219,360 square feet of built space are elevator properties, with office properties next occupying 15 percent of the space. The bulk, or 74 percent of the built space, is in Brooklyn, with Manhattan next at 25 percent of the space.

The buyer

The PincusCo database currently indicates that David Werner Real Estate Investments owned at least 14 commercial properties with 1,578 residential units in New York City with 4,190,767 square feet and a PincusCo-determined asset value of $2.3 billion. The portfolio has $100 million in debt, borrowed from Northwind Group . Within the portfolio, the bulk, or 54 percent of the 4,190,767 square feet of built space are office properties, with condo properties next occupying 42 percent of the space.

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