Updated Oct 28, 2024
Cove Property Group Subleases Ground Floor Space In Hudson Yards Multifamily Building
413 9th Avenue, New York City, New York 10001, United States
Building Size
11,732 SF
Asset Type
MultiFamily
Closing
Jul 17, 2022
About this deal
AI
Cove Property Group has entered into a ground sublease agreement with Hornig Capital Partners for the property located at 413, 415 & 419 9th Avenue in Hudson Yards. The asset type of the property is multifamily, offering a total of 11,732 square feet.
Summary of transaction details
- Property Type: Multifamily
- Asking Rent: $4,909 per square foot
- Market: Hudson Yards
The landlord in this transaction is Hornig Capital Partners, while Cove Property Group acts as the tenant. The deal was secured on July 18, 2022. The ground sublease agreement involves the aforementioned property located at 413, 415 & 419 9th Avenue in Hudson Yards.
On the Map
MultiFamily
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New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Lease transactions
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Deal FAQ
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