Fisher Brothers sells 49% stake in 605 Third Avenue to David Werner

What happened

Fisher Brothers has sold a 49 percent stake in 605 Third Avenue, a 43-story, 1 million-square-foot office tower in Manhattan, to David Werner, The Real Deal reported on October 22, 2026. Werner is known as one of the biggest buyers of discounted office buildings in recent years. Newmark's Adam Spies, Joshua King and Adam Donniger brokered the deal. The price was not reported.

The 49 percent stake had belonged to JPMorgan Asset Management, which had listed it seeking a valuation of $425 million for the building. Fisher Brothers closed on buying that stake earlier this month for an undisclosed amount. According to The Real Deal, the interest sits below the building's senior mortgage. The outlet said that if Fisher's bond offering had succeeded, Fisher would have paid only about $11.5 million for it.

Fisher had planned to raise about $100 million in unsecured bonds on the Israeli bond market and use part of the money to buy JPMorgan's stake. A British Virgin Islands company tied to Fisher filed a prospectus on the Tel Aviv Stock Exchange on August 13. Fisher has now withdrawn that offering. A person familiar with the plans said it did not draw enough interest from Israeli investors. A Fisher spokesperson blamed rising global interest rates and problems at unrelated issuers, and said the firm remains open to a bond offering in the future.

The Real Deal tied the cooler reception to trouble involving other U.S. borrowers in Israel. It cited the collapse of Simad Holdings, which owned 30 U.S. summer camps and said in May it would default on its bonds. It also cited problems at companies tied to Kohan Properties and GFI Capital. In its filings, Fisher disclosed $5.4 billion in assets, $220 million in net operating income and $460 million in revenue at the end of last year.