Davis Polk & Wardwell Leases 61,396 Square Feet At 237 Park Avenue In Midtown Manhattan
237 Park Avenue
Building Size
61,396 SF
Asset Type
Office
Closing
Mar 3, 2025
AI
The property asset involved in the transaction is an office space located at 237 Park Avenue in Midtown Manhattan, encompassing a total area of 61,396 square feet. It is part of a market characterized by significant office activity, although specific details regarding the lease length and rent have not been disclosed.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 237 Park Avenue
- Market: Midtown Manhattan
- Landlord: Scott Rechler - RXR & Walton Street Capital
- Tenant: Neil Barr - Davis Polk & Wardwell
Key individuals in this deal include Scott Rechler, representing the landlords RXR and Walton Street Capital, and Neil Barr, who is the tenant from Davis Polk & Wardwell. Their involvement signifies the collaboration between a prominent landlord and a well-established law firm.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
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