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88 Pine St.

Updated Oct 28, 2024

AppCard Leases 6,800 SF Office Space At 88 Pine St. In Financial District
SOLD

AppCard Leases 6,800 SF Office Space At 88 Pine St. In Financial District

88 Pine St.

Building Size

Asset Type

Closing

Aug 1, 2022

About this deal

AI

The office property located at 88 Pine St. in the Financial District has been leased. The landlord, Orient Oversea, has reached an agreement with the tenant, AppCard, to occupy the space. The lease transaction was facilitated by the tenant's representatives Matthew DeRose, Catherine Vilar, and William Janetschek from Nomad Group, and the landlord's representatives Jonathan Cope, Masha Dudelzak, and Gerry Miovski from CBRE.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not available
  • Asking Rent: $54 per square foot
  • Square Footage: 6,800
  • Address: 88 Pine St.
  • Market: Financial District

The deal was completed with an asking rent of $54 per square foot for a total space of 6,800 square feet. Both parties, AppCard as the tenant and Orient Oversea as the landlord, were represented by their respective broker representatives. The tenant was represented by Matthew DeRose, Catherine Vilar, and William Janetschek from Nomad Group, while the landlord was represented by Jonathan Cope, Masha Dudelzak, and Gerry Miovski from CBRE.

Players

New York CRE Market Snapshot

Boundary boundary · CRE · Sale 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

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