Deerfield Management pays $345M to RFR Holding for building in Flatiron

The healthcare-focused investment management firm Deerfield Management through the entity 345 PAS Holding LLC paid RFR Holding’s 345 PAS Owner, LLC $344.5 million for 345 Park Avenue South in Flatiron. The deal closed on September 5, 2019, and was recorded on September 23, 2019. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6). The property is 244,157 square feet. The parcel(s) have total development potential of 244,157 square feet.
The average sale price per square foot is $1,411.
The estimated cap rate is 1.9%
CBRE’s Darcy Stacom, William Shanahan, Ben Friedland, Jason Pollen, Chris Corrinet and John Isaacs represented Deerfield, the Commercial Observer reported.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on January 31, 2013.
Over the past five years, there have been 41 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4,886,344. There were 40 renovation/alteration projects (A2) applied for with a total estimated value of $11,762,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.