Douglas Stewart Leases Condo At 432 Park Avenue To Tenant Joseph Arnaz For $70,000 Monthly
432 Park Avenue
$188
$188/SF
Building Size
4,462 SF
Asset Type
Condo
Closing
Oct 1, 2024
AI
The asset involved in this transaction is a condominium located at 432 Park Avenue in Midtown Manhattan. The property has an asking rent of $188 per square foot and encompasses a total space of 4,462 square feet. The monthly rent agreed upon for this lease is $70,000, with a lease term set for one year under a single net lease agreement.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $70,000 monthly rent
- Address: 432 Park Avenue
- Market: Midtown Manhattan
- Lease Term: 1 Year
- Lease Type: Single Net Lease
- Landlord: Douglas Stewart
- Tenant: Joseph Arnaz
- Brokers: Michael Lorber & Alexander Boriskin - Douglas Elliman
The brokers involved in this transaction include Michael Lorber and Alexander Boriskin, who operate under Douglas Elliman. They successfully found a tenant and executed the lease within 28 days, highlighting their efficiency in managing this rental agreement.
Players
New York Condo Market Snapshot
Boundary boundary · Condo · Lease transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
84377.66%
Cash-on-Cash
-24115.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93