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
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