Janney Montgomery Scott Leases 35000 Square Feet From Edward J. Minskoff Equities In New York
1166 6th Ave, New York, NY, 10001
Building Size
35,000 SF
Asset Type
Commercial
Closing
Nov 17, 2017
AI
The property involved in this transaction is located at 1166 6th Ave, New York, NY, 10001. It is situated in the New York market and encompasses 35,000 square feet. The asset is part of a 1.6 million-square-foot tower completed with a multimillion-dollar renovation, highlighting contemporary features and ornamental works by renowned artists.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Tenant: Janney Montgomery Scott
- Tenant's Representative: Mitchell Marcus (JLL)
- Landlord: Edward J. Minskoff Equities
- Lease Duration: 10 years
- Location Specifics: Part of the 21st floor
- Asking Rents: Low-$80s per square foot
The key individuals involved in the deal include James Wenk and Mitchell Marcus, who represented Janney Montgomery Scott in this transaction. Additionally, a JLL team responsible for leasing at the building consists of Paul Glickman, Cynthia Wasserberger, Jonathan Fanuzzi, and Diana Biasotti, alongside Jeffrey Sussman from Minskoff Equities.
Players
New York Commercial Market Snapshot
Boundary boundary · Commercial · 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