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1161 Avenue of the Americas...

Kramer Levin Leases 265000 Square Feet At 1161 Avenue Of The Americas With Chris Mongeluzo's Representation
LEASEDOffice

Kramer Levin Leases 265000 Square Feet At 1161 Avenue Of The Americas With Chris Mongeluzo's Representation

1161 Avenue of the Americas, New Yo...

Building Size

265,000 SF

Asset Type

Office

Closing

Feb 14, 2017

AI

The leased property is located at 1161 Avenue of the Americas, New York, and is part of a Midtown skyscraper. The lease covers a total area of 265,000 square feet. The deal involves Kramer Levin, which will remain in the premises until 2035, while reducing its current office space.

Summary of transaction details:

  • Property Type: Lease
  • Transaction Amount: Not specified
  • Address: 1161 Avenue of the Americas, New York
  • Tenant: Kramer Levin
  • Landlord: Silverstein Properties
  • Tenant's Representative: Chris Mongeluzo (Newmark Knight Frank)
  • Square Feet: 265,000
  • Asking Rents: Mid-$80s/SF

The deal was supported by a team from Newmark Grubb Knight Frank, which included Moshe Sukenik, Chris Mongeluzo, and Brian Cohen representing Kramer Levin. Silverstein Properties was represented in-house by Roger Silverstein, Joseph Artusa, and Camille McGratty.

Players

Moshe Sukenik

Newmark

Broker

10 deals

Broker
Silverstein Properties
Silverstein PropertiesLandlord

Market Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93