Five Iron Golf Leases 15,300 Square Feet At Vornado Realty Trust's 1290 Sixth Avenue
1290 6th Avenue
Building Size
15,300 SF
Asset Type
Office
Closing
Oct 1, 2024
AI
The property asset involved is an office space located at 1290 6th Avenue in Midtown Manhattan. The lease encompasses a total area of 15,300 square feet, with asking rents in the building ranging from $95 to $105 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Landlord: Vornado Realty Trust (VNO)
- Tenant: Jared Solomon - Five Iron Golf
- Landlord's Representatives: Jason Greenstone, Michael O’Neill & Taylor Reynolds - Cushman & Wakefield
- Tenant's Representatives: Anthony Dattoma - CBRE & Jason C. Goode - Compass
- Lease Term: 10-year term
- Expected Opening: Late 2025
This transaction features Jared Solomon representing Five Iron Golf, which aims to enhance local community engagement and nightlife with this new location. The property's environment is strategically aligned with Vornado Realty Trust's objectives.
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