NYC Department Of Finance Leases 175k SF Office Space At 375 Pearl St
375 Pearl St, New York, NY, 10038
Building Size
175,000 SF
Asset Type
Office
Closing
Jan 19, 2016
AI
The former Verizon Building at 375 Pearl St in New York, NY, 10038, witnessed the signing of a 175,000-square-foot lease by the NYC Department of Finance. The landlord, Sabey Data Centers, facilitated this transaction with the help of Zakery Snider from CBRE as their representative.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Market: New York
- Landlord's Representative: Zakery Snider (CBRE)
- Landlord: Sabey Data Centers
- Square Feet: 175,000
The CBRE team, consisting of Gerry Miovski and Gregg Rothkin alongside Zakery Snider, played a pivotal role in representing the landlord, Sabey Data Centers, throughout the leasing process at 375 Pearl St. This lease agreement marks a significant transaction in the New York real estate market, showcasing the collaborative efforts between the NYC Department of Finance and Sabey Data Centers in securing a large office space to cater to their operational needs.
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