Venerable Leases 11,000 SF At 285 Fulton St, Downtown Manhattan
285 Fulton Street
Building Size
11,000 SF
Asset Type
Office
Closing
May 7, 2024
About this deal
AI
The leased property, located at 285 Fulton Street in Downtown Manhattan, spans 11,000 square feet. The landlord, the Durst Organization, finalized a lease agreement with Venerable, an insurance and annuity company, for the office space.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 285 Fulton Street
- Market: Downtown Manhattan
- Tenant: Venerable
- Landlord: Durst Organization
- Tenant's Rep: Michael (Mike) Mathias - Cushman & Wakefield
The lease deal was facilitated with David Falk, Hal D. Stein, Jason Greenstein, Nathan Kropp, Peter Shimkin from Newmark, Eric Engelhardt from The Durst Organization, and Karen Rose representing the landlord. On the tenant's side, the deal was represented by Michael (Mike) Mathias from Cushman & Wakefield.
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