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1200 Waters Place

Mercy College Renews Lease For 125K SF At Hutch Metro Center In Bronx
SOLD

Mercy College Renews Lease For 125K SF At Hutch Metro Center In Bronx

1200 Waters Place

Building Size

Asset Type

Closing

May 10, 2023

AI

Mercy College has renewed its lease for 125,000 square feet at 1200 Waters Place in the Bronx. The property, known as the Hutch Metro Center, has been the college's location for over 20 years. The length of the lease and asking rent have not been disclosed, but Simone Development Companies, the landlord, has described it as a long-term deal.

Summary of transaction details:

  • Property Type: School
  • Transaction Amount: Not disclosed
  • Address: 1200 Waters Place
  • Market: Bronx
  • Square Footage: 125,000 SF

The landlord of 1200 Waters Place is Simone Development Companies, represented by James Macdonald of Simone Metro Properties. Mercy College was assisted by William Cuddy and Greg Maurer-Hollaender of CBRE as their tenant representatives.

Players

Joseph Simone

Simone Development Companies

Landlord

$243M

vol

12 deals

Landlord

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