Wellcom Worldwide Signs 10-Year Lease For 24,005 Square Feet At 16 Madison Avenue
16 Madison Avenue
$59
$59/SF
Building Size
24,005 SF
Asset Type
Office
Closing
Aug 27, 2024
AI
The property asset involved in the transaction is located at 16 Madison Avenue in the Flatiron District. This office space encompasses 24,005 square feet with an asking rent of $59 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $59/ft
- Address: 16 Madison Avenue
- Market: Flatiron District
- Landlord: Adams & Company
- Tenant: David Bridges - Wellcom Worldwide
- Landlord's Representative: Jeffrey Buslik - Adams & Company
- Tenant's Representative: Adam Henick - Current Real Estate Advisors
- Square Footage: 24,005
- Lease Duration: 10 years
The lease was signed by Wellcom Worldwide, which marks its return to Manhattan after previously occupying space at 175 Pearl Street in Brooklyn's Dumbo neighborhood. The tenant's move was influenced by an office-to-residential conversion occurring at their former 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
268864.41%
Cash-on-Cash
-76842.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93