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1345 6th Avenue

Virgo Business Centers Renews 11-Year Lease For 40,779 Square Feet At 1345 6th Avenue
LEASEDOffice

Virgo Business Centers Renews 11-Year Lease For 40,779 Square Feet At 1345 6th Avenue

1345 6th Avenue

Building Size

40,779 SF

Asset Type

Office

Closing

Sep 5, 2024

AI

The asset involved in this transaction is an office space located at 1345 6th Avenue in Midtown. The property spans a total square footage of 40,779 and is part of the Fisher Brothers portfolio.

Summary of transaction details:

This lease renewal deal showcases the commitment of Virgo Business Centers to remain in their current location occupied for the past term, supported by Fisher Brothers as the landlords. The brokers involved in facilitating this transaction represent a collaborative team from CBRE, ensuring both parties' interests were upheld throughout the leasing process.

Players

Gregg Rothkin

CBRE

Broker

15 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