Steptoe Signs 15-Year Lease For 57,988 Square Feet At 1133 6th Avenue In Midtown Manhattan
1133 6th Avenue
Building Size
57,988 SF
Asset Type
Office
Closing
Jul 23, 2025
AI
The property asset involved in this transaction is located at 1133 6th Avenue, situated in the Midtown Manhattan market. The asset type is an office space with a total square footage of 57,988. The transaction involves a long-term lease agreement.
Summary of transation details:
- Property Type: Office
- Lease Term: 15-year lease
- Landlord: Douglas Durst & Jody Durst - Durst Organization
- Tenant: Michelle Levin - Steptoe
- Location: 1133 6th Avenue, Midtown Manhattan
- Previous Location of Tenant: 1114 Sixth Avenue
The key individuals involved in this deal include Douglas Durst and Jody Durst representing the landlord, Durst Organization, and Michelle Levin representing the tenant, Steptoe. The transaction highlights a significant relocation for the tenant to occupy the top three floors of the mentioned address.
Players
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