Barry M. Gosin Of Newmark Signs 15-Year Lease Renewal At SL Green's 125 Park Avenue
125 Park Avenue
Building Size
184,239 SF
Asset Type
Office
Closing
Mar 3, 2025
About this deal
AI
The property involved in this transaction is located at 125 Park Avenue in Midtown Manhattan, offering a total of 184,239 square feet of office space. The asset is owned by SL Green, a prominent entity in the real estate market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Lease Term: 15-year renewal & expansion
- Landlord: Steven Durels & Marc Holliday - SL Green
- Tenant: Barry M. Gosin - Newmark
- Brokers: Brian Waterman & Jason Perla - Newmark
This lease agreement signifies Newmark's commitment to its presence in Midtown, as they have increased their headquarters at this notable location. The deal reflects the ongoing strong demand for office spaces in the Midtown Manhattan market.
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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