Parques Reunidos Leases 11 Times Square Office From Norges Bank In New York
11 Times Square, New York, NY, 10036
Building Size
45,000 SF
Asset Type
Office
Closing
Sep 25, 2017
About this deal
AI
The office property located at 11 Times Square, New York, NY, 10036, in the New York market, was leased for a total of 45,000 square feet. The tenant, Parques Reunidos, was represented by Robert K. Futterman of Newmark in this transaction. The landlord for this lease deal was Norges Bank Investment Management.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Applicable
- Address: 11 Times Square, New York, NY, 10036
- Market: New York
- Tenant: Parques Reunidos
- Tenant's Rep: Robert K. Futterman (Newmark)
- Landlord: Norges Bank Investment Management
- Square Feet: 45,000
The involvement of Robert K. Futterman from Newmark as the tenant's representative exemplifies the experienced real estate professionals handling this transaction. Their expertise in negotiating leases for sizable office spaces is evident in the successful conclusion of this deal.
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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