Betches Leases 23,000 Square Feet At 360 Park Avenue South For 10 Years With Savills
360 Park Avenue South
Building Size
23,000 SF
Asset Type
Office
Closing
Jan 22, 2026
About this deal
AI
The property asset involved in the transaction is located at 360 Park Avenue South in Manhattan and comprises an office space totaling 23,000 square feet. Betches has entered into a 10-year lease for the entire sixth floor of the building at an asking rent of $100 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $2,300,000
- Address: 360 Park Avenue South
- Market: Manhattan
- Landlord: Boston Properties
- Tenant: Betches
- Landlord's Representative: Andy Levin & Will Stark - Boston Properties
- Tenant's Representative: Kirill Azovtsev (KirillAzovtsev), Shay Bolton & James (Jim) Wenk - Savills
- Lease Term: 10 years
In this transaction, Betches is transitioning from its current location at 43 West 24th Street to the new address at 360 Park Avenue South, which reflects a strategic move to acquire more suitable office space in the Manhattan market.
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Office
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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