Legal Aid Society Signs 72,091 SF Office Lease At 199 Water St. Manhattan
199 Water Street New York, New York 10038, USA
Building Size
72,091 SF
Asset Type
Office
Closing
Jul 19, 2023
AI
The Legal Aid Society has signed a five-year lease for 72,091 square feet of office space at 199 Water St. in Manhattan. The landlord for this lease is Jack Resnick & Sons, represented by Adam Rappaport and Brett Greenberg. The tenant is The Legal Aid Society, a renowned organization providing legal services to low-income individuals. The leasing deal was facilitated by Craig Reicher and Christopher W. Mansfield of CBRE.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Address: 199 Water Street, Manhattan
- Market: Manhattan
- Square Footage: 72,091
This lease marks a significant commitment by The Legal Aid Society to establish and maintain a presence in Manhattan. The office space at 199 Water St. provides ample room for the organization's operations and aligns with their mission of providing legal services to those in need. The collaboration between the landlord, Jack Resnick & Sons, and the tenant, The Legal Aid Society, ensures a mutually beneficial agreement that benefits both parties involved.
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