Cannon Hill has entered a $84.1 million mortgage for its two-building office in the Flatiron District of Manhattan, according to a report from according to a report from the New York Business Journal.
The properties, spanning a total of 220,000 square feet, consist of 888 Broadway and its annex, 38 East 19th Street.
The two buildings house Netflix's corporate offices, where the tech giant operates 100,000 square feet. The move follows Cannon's lease agreement it struck with Netflix earlier in February. The deal will keep the streamer in the Flatiron District until 2032.
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Meanwhile, Cannon, along with co-owner Columbia Property Trust decided to sell their 799 Broadway Class A office property in November. The 176,588-square-foot distressed asset was acquired at a "deep discount" of $255 million, according to Savanna, which was the buyer.
In New York City, Cannon also owns 719,078 square foot 575 Lexington Avenue in the Plaza District, and 583,746 square foot 80-90 Maiden Lane.
A recent investment report on the New York Tri-State market from CBRE found that CRE investments in the area dipped by 2.6 percent to $33.4 billion in 2024. However, office continues to show its strength in the region since the pandemic, as investments in the sector surged 32.9 percent year-over-year.
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