Canyon Partners Signs 11-Year Lease For 22000 Square Feet In Midtown Manhattan
1345 6th Avenue
Building Size
22,000 SF
Asset Type
Office
Closing
Feb 4, 2025
AI
The office asset located at 1345 6th Avenue in Midtown Manhattan comprises a total of 22,000 square feet. The property transaction involves a lease agreement, and the landlord for this transaction is Winston Fisher, representing Fisher Brothers. The tenant, Canyon Partners, is represented by Josh Friedman and Mitch Julis.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: 11-year lease
- Address: 1345 6th Avenue
- Market: Midtown Manhattan
- Landlord: Winston Fisher - Fisher Brothers
- Tenant: Josh Friedman & Mitch Julis - Canyon Partners
- Landlord's Representatives: Benjamin Joseph, Charles Laginestra, Gregg Rothkin, Howard Fiddle, Peter Turchin - CBRE; Clark Briffel & Marc Packman - Fisher Brothers
- Tenant's Representatives: Cynthia Wasserberger & Michael Pallas - JLL
This transaction highlights the collaboration between various parties, with JLL acting as the representative for the tenant side, while CBRE and Fisher Brothers' agents facilitated the landlord’s interests. The lease agreement established a long-term commitment by the tenant to the space at this Midtown location.
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