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111 5th Avenue

Nick Patrick Of Radar Labs Signs Seven-Year Lease For 20000 Sq Ft Office In Union Square
LEASEDOffice

Nick Patrick Of Radar Labs Signs Seven-Year Lease For 20000 Sq Ft Office In Union Square

111 5th Avenue

Building Size

20,000 SF

Asset Type

Office

Closing

Apr 17, 2025

AI

The property asset involved in this transaction is located at 111 5th Avenue in the Union Square market. It is an office space with a total area of 20,000 square feet. The lease was signed for a duration of seven years.

Summary of transaction details:

In this transaction, the geolocation platform Radar Labs, represented by Nick Patrick, is moving from its current location at 841 Broadway, which is six blocks away from the new office at 111 5th Avenue.

Players

Jonathan Franzel

Newmark

Broker

19 deals

Broker
WO
Winter OrganizationLandlord

New York Office Market Snapshot

Boundary boundary · Office · 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