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199 Water Street New York, ...

Legal Aid Society Signs 72,091 SF Office Lease At 199 Water St. Manhattan
LEASEDOffice

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

Christopher W. Mansfield

CBRE

Broker

14 deals

Broker

Jack Resnick

Sons

Landlord

12 deals

Landlord
Jack Resnick & Sons
Jack Resnick & SonsLandlord

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