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515 Madison Avenue, New Yor...

Jay Suites Leases Condo At 515 Madison Avenue In Manhattan From GFP Real Estate
LEASED

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

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.

Players

Rick Doolittle

Colliers

Broker

5 deals

Broker
GFP Real Estate
GFP Real EstateBrokerage
GFP Real Estate
GFP Real EstateLandlord

New York CRE Market Snapshot

Boundary boundary · CRE · 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