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1601 Kings Highway, Brookly...

New York Life Insurance Leases Office Space At 1601 Kings Highway In Midwood, Brooklyn
LEASEDOffice

New York Life Insurance Leases Office Space At 1601 Kings Highway In Midwood, Brooklyn

1601 Kings Highway, Brooklyn, New York 11229, United States

$50

$50/SF

Building Size

14,000 SF

Asset Type

Office

Closing

Nov 22, 2022

AI

New York Life Insurance Company has leased an office space located at 1601 Kings Highway in Midwood, Brooklyn. The property, measuring 14,000 square feet, was leased from Kingsway Realty. The lease transaction was facilitated by brokers Nick Zweig and Whitten Morris from JLL. The asking rent for the space was $50 per square foot.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Lease
  • Address: 1601 Kings Highway, Midwood, Brooklyn
  • Tenant: New York Life Insurance Company
  • Landlord: Kingsway Realty
  • Brokers: Nick Zweig & Whitten Morris - JLL
  • Asking Rent: $50 per square foot

Nick Zweig and Whitten Morris from JLL represented the tenant, New York Life Insurance Company, in this lease deal.

Players

Nick Zweig

Broker

$14.4M

vol

10 deals

Broker
New York Life
New York LifeLender
New York Life
New York LifeTenant

Brooklyn 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

317260.00%

Cash-on-Cash

-90673.88%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93