Phipps Houses Signs 32-Year Office Lease At 257 Park Avenue South In Manhattan
257 Park Avenue South
Building Size
38,862 SF
Asset Type
Office
Closing
Jul 31, 2024
About this deal
AI
The property asset involved is an office located at 257 Park Avenue South, Manhattan, with a total square footage of 38,862. The lease is part of the Manhattan market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 257 Park Avenue South
- Market: Manhattan
- Landlord: Feil Organization
- Tenant: Phipps Houses
- Landlord's Representative: Andrew Wiener & Robert Fisher - The Feil Organization
- Tenant's Representative: Alan Bonett, Bradley Cohn & David Levy - Adams & Company
Phipps Houses, recognized as New York City's oldest affordable housing developer, has entered into a 32-year lease agreement for the office space, moving from a previous location at 902 Broadway.
On the Map
Office
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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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93