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1290 6th Avenue

Five Iron Golf Leases 15,300 Square Feet At Vornado Realty Trust's 1290 Sixth Avenue
LEASEDOffice

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

Jason C. Goode

Compass

Broker

$9.8M

vol

2 deals

Broker

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