885 2nd Avenue
This is a $250 million acquisition loan secured by David Werner for 885 2nd Avenue, a 870,000 SF office tower in the Turtle Bay/East Midtown submarket of Manhattan, pricing at $287 per square foot which reflects the ongoing discount applied to NYC office assets in the post-pandemic environment. The loan-to-value appears moderate given current market conditions, and the submarket has seen selective leasing recovery but remains challenged by hybrid work trends and elevated vacancy rates across Midtown East. David Werner is a credible and experienced sponsor with a deep track record of large NYC office transactions, which meaningfully mitigates execution risk, though the office sector broadly continues to face headwinds around occupancy, refinanceability, and cap rate expansion. The Newmark brokerage team led by Jordan Roeschlaub — one of the most active debt brokers in NYC by volume — adds further confidence in deal structure and lender access. Overall this is a high-dollar, sponsor-credible transaction in a recovering but still uncertain office submarket, warranting a moderate-to-solid credit grade with careful attention to in-place occupancy and lease rollover.
Deal Stats
Parties
Buyer / Tenant
David Werner is a prolific and highly regarded NYC real estate investor known for large-scale office and mixed-use acquisitions across Midtown Manhattan, with a track record spanning billions in transactions including landmark deals such as 5 Times Square and other major office assets. He is recognized as a sophisticated, well-capitalized buyer who frequently partners with institutional capital and commands strong lender relationships.
Score Analysis
Why this score
Sponsor Credibility
David Werner's proven track record with multi-billion dollar NYC office transactions and institutional partnerships significantly reduces execution and operational risk.
Office Market Headwinds
Midtown East faces persistent hybrid work pressures, elevated vacancy rates, and refinanceability challenges that constrain value recovery and lease-up velocity.
Pricing Discount
The $287/SF acquisition price reflects post-pandemic market reality and provides a margin of safety relative to pre-2020 valuations.
Debt Broker Credentials
Newmark's Jordan Roeschlaub brings deep lender relationships and market intelligence that strengthen deal structure and access to institutional capital.
LTV and Refinance Risk
Moderate LTV provides near-term cushion but office refinanceability remains constrained, creating potential maturity wall exposure if occupancy or leasing metrics deteriorate.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Secure Long-Term Anchor Tenant Commitment
Lock in 150,000+ SF of 10+ year leases pre-closing to demonstrate occupancy floor and reduce lease rollover risk.
Obtain Extended Loan Term with Refinance Flexibility
Structure 10-year financing with refinance optionality at year 7 to mitigate maturity pressure in an uncertain office market.
Lower LTV to <65%
Reduce leverage relative to current $287/SF basis to strengthen lender risk profile and provide equity cushion for market volatility.
Raw Deal Textclick to expand
traded + Submit Growing Financial Partnerships For Over 30 Years. Get Started Home Deals New York Office Loan 885 2nd Avenue Share FINANCED David Werner Secures $250 Million Acquisition Loan For 885 2nd Avenue Office In Manhattan $250,000,000 $287/SF BUILDING SIZE 870,000 SF ASSET TYPE CLOSING Jun 8, 2026 Overview Players Market Deal Summary Caption AI The property asset involved in this transaction is located at 885 2nd Avenue in Manhattan. This office space encompasses a total square footage of 870,000 and pertains to an acquisition loan of $250,000,000. Summary of transaction details: Property Type: Office Transaction Amount: $250,000,000 Address: 885 2nd Avenue Market: Manhattan Lender: Jamie Dimon Landlord: David Werner Landlord's Representative: Jordan Roeschlaub, Nick Scribani & Christopher Kramer - Newmark The deal involves key individuals such as the lender Jamie Dimon and landlord David Werner. The representatives for the landlord, facilitating this transaction, are Jordan Roeschlaub, Nick Scribani, and Christopher Kramer from Newmark. PLAYERS All Brokers Landlords | Tenants Nick Scribani Newmark BROKER $55.4B VOL 195 deals Contact Christopher Kramer $23B 115 deals Jordan Roeschlaub $97.5B 325 deals David Werner LANDLORD $2.2B 18 deals New York Office Market Snapshot Boundary boundary · Office · Loan transactions Comps Listings Investors Top Brokers Lenders Loading comparables… Live MORE DEALS $190M Douglas Durst Of The Durst Organization Secures $190M Refinance Loan From Citibank In Manhattan — · May 2025 $275M $46/SF Signature Bank Refinances Office Building At 777 Third Avenue, Midtown East For $155M 5,975,530 SF · Nov 2019 $262.6M $417/SF Rockwood Capital Refinances 629323 SF Office Building At 147 East 44th Street With MetLife Loan 629,323 SF · Jul 2025 $175M $295/SF New York Life Provides $175 Million Refinance Loan To Paramount Group For 900 3rd Avenue 591,970 SF · Dec 2025 $185M $4,822/SF Wells Fargo Provides $185M Loan For Office Building At 437 Madison Avenue In Midtown 38,360 SF · Jun 2020 $250M Archdiocese Of New York Secures $250 Million Refinancing Loan From Goldman Sachs For Midtown East Properties — · Oct 2024 $625/SF Signature Bank Provides $120M Refinance Loan For Office Building On Fifth Avenue 400,000 SF · Sep 2018 $300M $14,938/SF TPG Real Estate Finance Provides $300M Loan For Office Property At 575 Fifth Avenue, Midtown 20,083 SF · Aug 2019 $285.1M Sovereign Partners Secures $268.05 Million Loan From Ladder Capital For 575 Fifth Avenue Office — · Apr 2026 $268.0M Ladder Capital Provides $268,005,000 Bridge Loan For 575 Fifth Avenue Office In Manhattan NEARBY MARKETS NEIGHBORHOODS Long Island City West Astoria Long Island City Central Old Astoria Williamsburg Commercial District Greenpoint Lower East Side East Village West Village Midtown South West Clinton Midtown BOROUGHS Staten Island Bronx Queens Manhattan Brooklyn CITIES Paterson Hackensack Bayonne Paramus East Orange Hoboken Newark Clifton Jersey City West New York Linden Fort Lee STATES North Carolina Virginia West Virginia Michigan Massachusetts Pennsylvania Vermont South Carolina New Hampshire District of Columbia New Jersey We are telling CRE's story Traded is the #1 source for cutting-edge CRE transactions & insights. 1M+ DEALS 100K+ USERS 47 MARKETS 1.2M+ FOLLOWERS Browse Closings by State National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Minnesota Mississippi Missouri Montana Nebraska Nevada New Mexico North Dakota Ohio Oklahoma Oregon Rhode Island South Dakota Tennessee Texas Utah Washington Wisconsin Wyoming Search News Agents Agencies About About Us FAQ Testimonials Help Help Center Pricing Return Policy Follow a feed Nat @traded NY @tradedny MIA @tradedmiami LA @tradedla CHI @tradedchicago BOS @tradedboston DAL @tradeddallas NJ @tradednj 300K+ The Traded Weekly Every major deal & ranking update — Friday mornings. Email © 2026 Traded Media LLC · All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use