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330 Madison Ave, New York, ...

Glencore Leases 60000 Square Feet At 330 Madison Ave New York With Vornado As Landlord
LEASEDOffice

Glencore Leases 60000 Square Feet At 330 Madison Ave New York With Vornado As Landlord

330 Madison Ave, New York, NY, 10017

Building Size

60,000 SF

Asset Type

Office

Closing

Apr 11, 2017

AI

The property asset in this transaction is located at 330 Madison Ave, New York, NY, 10017. It encompasses a total of 60,000 square feet. The building is a 52-year-old structure owned by Vornado, with asking rents in the low $70s per square foot.

Summary of transaction details:

Glencore is relocating to this address from Stamford, Conn. Kevin West and Andrew Ackerman represented Vornado in-house alongside JLL brokers Frank Doyle, Clark Finney, and David Kleiner, while Glencore was represented by Martin Horner and Reid Longley of JLL.

Players

Kevin West

Raven Property Advisors

Broker

$9.2M

vol

8 deals

Broker
Vornado Realty Trust
Vornado Realty TrustBrokerage
Vornado Realty Trust
Vornado Realty TrustLandlord

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