Gallet Dreyer & Berkey Signs 12-Year Lease For 14,000 SF Office At 685 3rd Avenue
685 3rd Avenue
Building Size
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Asset Type
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Closing
May 8, 2026
AI
The property asset involved is a 14,000-square-foot office space located at 685 3rd Avenue in Manhattan. The lease was signed for the 28th floor of the building.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 685 3rd Avenue
- Market: Manhattan
- Landlord: Sonny Kalsi & John Carrafiell - BGO
- Tenant: Gallet Dreyer & Berkey
- Lease Terms: 12-year
- Landlord's Rep: Paul Amrich, Neil King, Meghan Allen, Anthony Manginelli & Brooke Dewing - CBRE
- Tenant's Rep: Garett Varricchio, Mark Weiss, Michael Montesi - Cushman & Wakefield
The deal was facilitated by a representation team including Paul Amrich, Neil King, Meghan Allen, Anthony Manginelli, and Brooke Dewing from CBRE for the landlord side, while Garett Varricchio, Mark Weiss, and Michael Montesi from Cushman & Wakefield represented the tenant. Gallet Dreyer & Berkey entered into a 12-year lease agreement with BGO as the landlord.
Players
Caledonia 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