Foster Garvey Signs 10-Year Lease For 11445 Square Feet At One Seaport Plaza In Financial District
199 Water Street
Building Size
11,445 SF
Asset Type
Office
Closing
Jun 2, 2025
AI
The property asset involved in this transaction is an office space located at 199 Water Street in the Financial District. The asset encompasses 11,445 square feet situated on the ninth floor of Jack Resnick & Sons’ One Seaport Plaza.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Lease Term: 10 years
- Landlord: Jonathan Resnick - Jack Resnick & Sons
- Tenant: Foster Garvey
- Landlord's Representatives: Adam Rappaport & Brett Greenberg - Jack Resnick & Sons; Ethan Silverstein, John Cefaly, Rachel Rosenfeld & Stephen Bellwood - Cushman & Wakefield
- Tenant's Representatives: Nicholas Farmakis & Steven London - Savills
The law firm Foster Garvey signed the lease, moving from 100 Wall Street this fall. The landlord plans renovations to the 1.1 million-square-foot tower, which is home to several financial and insurance firms.
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