Mercy College Renews Lease For 125K SF At Hutch Metro Center In Bronx
1200 Waters Place
Building Size
—
Asset Type
—
Closing
May 10, 2023
About this deal
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.
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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