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381 Park Avenue South

Maria B. Campbell Associates Renews 2,957 Square Foot Lease At 381 Park Avenue South
LEASEDOffice

Maria B. Campbell Associates Renews 2,957 Square Foot Lease At 381 Park Avenue South

381 Park Avenue South

Building Size

Asset Type

Office

Closing

Dec 16, 2024

AI

The asset involved in this transaction is an office space located at 381 Park Avenue South in Midtown Manhattan. The lease, covering a total area of 2,957 square feet, is situated on the 13th floor of the building. The asking rent for the lease was not disclosed but has averaged $62 per square foot in previous agreements.

Summary of transaction details:

The deal features key individuals and firms including landlord Kate Hemmerdinger Goodman of Atco Properties, and tenant Maria B. Campbell Associates, who renewed their lease. Colliers represented the landlord while CBRE represented the tenant in this transaction.

Players

Robert Tunis

Colliers

Broker

3 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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93