Darrow AI Leases Office Space At 276 5th Avenue In NoMad Represented By LSL Advisors
276 5th Avenue
$82
$82/SF
Building Size
8,168 SF
Asset Type
Office
Closing
Feb 12, 2025
AI
The property asset involved in the transaction is located at 276 5th Avenue in the NoMad market. It is classified as an office asset, with a total square footage of 8,168. The landlord, 276 Fifth LLC, has established an asking rent of $82 per square foot for the space, which operates under a modified gross lease.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $82/ft
- Square Footage: 8,168
- Address: 276 5th Avenue
- Market: NoMad
- Landlord: 276 Fifth LLC
- Tenant: Darrow AI
- Landlord's Representative: Christel Engel - Colliers
- Tenant's Representatives: Eric Siegel & Daniel Lolai - LSL Advisors
- Lease Type: Modified Gross Lease
The deal features significant involvement from key representatives, including Christel Engel of Colliers representing the landlord, and Eric Siegel and Daniel Lolai of LSL Advisors representing the tenant, Darrow AI. The collaboration of these representatives facilitated the successful completion of the leasing transaction.
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
193451.22%
Cash-on-Cash
-55288.95%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93