MIC Capital Partners Renews And Expands Lease At Seagram Building In Midtown Manhattan To 36428 SF
375 Park Avenue
Building Size
36,428 SF
Asset Type
Office
Closing
Jun 5, 2025
AI
The property asset involved in this lease transaction is located at 375 Park Avenue in Midtown Manhattan. It is designated as an office space, featuring a total area of 36,428 square feet.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 375 Park Avenue
- Market: Midtown Manhattan
- Landlord: Michael Fuchs & Aby Rosen
- Landlord's Representative: AJ Camhi & Paul Milunec - RFR
- Tenant: MIC Capital Partners
- Tenant's Representative: Justin Aronson - CBRE
This lease transaction involved MIC Capital Partners renewing and expanding its lease at the Seagram Building, effectively doubling its space. The key individuals in this transaction include the landlords, Michael Fuchs and Aby Rosen, representing RFR, along with tenant representatives AJ Camhi and Paul Milunec, who also represent RFR, and Justin Aronson from CBRE, representing MIC Capital Partners.
Players
Brooklyn 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