Nightingale Properties and Wafra pay $909M to Coca-Cola for 711 Fifth Avenue

Nightingale Properties and Wafra Capital Partners through the entity Ng 711 Fifth Ave LLC paid Coca-Cola Company’s 55th & 5th Avenue Corporation $909.3 million for 1 parcel, including the tax class office bank building designed exclusively for banking (O6) at 711 5 Avenue in Plaza District. The deal closed on August 22, 2019 and was recorded on September 03, 2019. The parcel(s) have total development potential of 310,000 square feet.
The average sale price per square foot is $2,933.
The estimated cap rate is 4.2%

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 08, 2012.
Over the past five years, there have been 73 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 73 renovation/alteration projects (A2) applied for with a total estimated value of $18,769,632.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

Share this article