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199 Water Street

Foster Garvey Signs 10-Year Lease For 11445 Square Feet At One Seaport Plaza In Financial District
LEASEDOffice

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

Ethan Silverstein

Cushman & Wakefield

Broker

15 deals

Broker
Jonathan Resnick

Jonathan Resnick

Jack Resnick & Sons

Landlord

$18M

vol

7 deals

Landlord

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