Zar Property NY Leases 4,775 SF Office Space To Magnolia Bakery In Midtown
250 W 54th St, New York, NY 10019, USA
Building Size
50,000 SF
Asset Type
Office
Closing
May 5, 2019
About this deal
AI
The property involved in this transaction is an office located at 250 West 54th St in Midtown. The office spans a total of 4,775 square feet. The tenant, Magnolia Bakery, signed a direct lease with the landlord, Zar Property NY. The asking rent for this office space was $64 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 250 West 54th St
- Market: Midtown
- Tenant: Magnolia Bakery
- Landlord: Zar Property NY
- Asking Rent: $64
- Square Footage: 4,775
This lease marks the seventh office lease for Zar Property NY in 2019. It is worth noting that Magnolia Bakery has a global presence with 25 locations worldwide.
Players
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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