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2 1st Avenue

United Nations Renews And Expands Office Lease At 2 1st Avenue In Turtle Bay, Manhattan
LEASEDOffice

United Nations Renews And Expands Office Lease At 2 1st Avenue In Turtle Bay, Manhattan

2 1st Avenue

Building Size

425,190 SF

Asset Type

Office

Closing

Jun 18, 2025

AI

The lease involved is an office space located at 2 1st Avenue, situated in the Turtle Bay neighborhood of Manhattan. The asset encompasses a total of 425,190 square feet, covering 26 stories, including retail space at 1 UN Plaza. The landlord of the property is the United Nations Development Corporation, represented by Robert Cole.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 2 1st Avenue
  • Market: Turtle Bay, Manhattan
  • Landlord: Robert Cole - United Nations Development Corporation
  • Tenant: António Guterres - United Nations
  • Brokers: James Saunders, Jason Perla & Roy Abernathy - Newmark

This transaction reflects the renewal and expansion of the lease by the United Nations, which now secures nearly the entire building. The deal involves significant representatives from Newmark, with James Saunders, Jason Perla, and Roy Abernathy participating in the brokerage activities for this transaction.

Players

Jason Perla

Newmark

Broker

$300.4M

vol

6 deals

Broker
Newmark
NewmarkBrokerage

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