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315 Park Avenue South

Harvey Leases 17,050 Square Feet At 315 Park Avenue South Manhattan From Columbia Property Trust
LEASEDOffice

Harvey Leases 17,050 Square Feet At 315 Park Avenue South Manhattan From Columbia Property Trust

315 Park Avenue South

$90

$90/SF

Building Size

17,050 SF

Asset Type

Office

Closing

Jun 25, 2024

AI

The asset is an office space located at 315 Park Avenue South in Manhattan. The property features a lease secured by Harvey, an AI-powered professional services firm, for a total of 17,050 square feet on the entire fifth floor. The asking rent for this property was set at $90 per square foot.

Summary of transaction details:

The lease was finalized in May, marking the relocation of Harvey's headquarters from an undisclosed location in San Francisco to its new permanent outpost in New York City. The leasing transaction involved negotiating on behalf of both the landlord and tenant by their respective representatives.

Players

David Falk
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David Falk

Newmark

Broker

61 deals

Broker

Peter Shimkin

Newmark

Broker

$10M

vol

33 deals

Broker

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

176255.56%

Cash-on-Cash

-50374.38%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93