Law Firm Scott&Scott Expands With 15-Year Lease At 230 Park Avenue In Midtown Manhattan
230 Park Avenue
$85
$85/SF
Building Size
21,365 SF
Asset Type
Office
Closing
Nov 20, 2023
AI
A law firm called Scott+Scott has recently expanded its office space at 230 Park Avenue in Midtown Manhattan. The firm has signed a 15-year lease for the entire 24th floor, which offers a total of 21,365 square feet. The asking rent for the space was $85 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not specified
- Address: 230 Park Avenue
- Market: Midtown Manhattan
The building at 230 Park Avenue is owned by William Elder, Andrew Ackerman, and Walter Rooney of RXR. They were represented by Brian Waterman, Cole Gendels, Erik Harris, Scott Klau, and Zach Weil from Newmark. Scott+Scott, the law firm leasing the space, was represented by Erik Schmall and Scott Weiss from Savills.
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
186623.53%
Cash-on-Cash
-53337.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93