Jay Suites Leases Condo At 515 Madison Avenue In Manhattan From GFP Real Estate
515 Madison Avenue, New York, NY 10022
Building Size
50,000 SF
Asset Type
—
Closing
Sep 6, 2018
About this deal
AI
A luxury condo located at 515 Madison Avenue in Manhattan, New York has been leased in a recent transaction. The property, measuring approximately 50,000 square feet, was leased by Jay Suites, a leading provider of flexible office space solutions. The lease was brokered by Rick Doolittle of MHP Real Estate Services, representing both the tenant and the landlord, GFP Real Estate.
Summary of transaction details
- Property Type: Condo
- Address: 515 Madison Avenue, Manhattan, New York
- Market: Manhattan
- Tenant: Jay Suites (@jaysuites)
- Landlord: GFP Real Estate
- Broker: Rick Doolittle - MHP Real Estate Services
- Asking Rent: $60 per square foot
The leasing transaction for this prestigious condo highlights the growing demand for flexible office spaces in Manhattan. Jay Suites, known for its modern and innovative workspaces, has secured a prime location in the heart of the city. The deal was successfully negotiated by Rick Doolittle, demonstrating his expertise in the New York real estate market.
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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