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:
- Property Type: Office
- Transaction Amount: Not disclosed
- Address: 381 Park Avenue South
- Market: Midtown Manhattan
- Landlord: Kate Hemmerdinger Goodman
- Landlord's Representative: Joseph Mangiacotti, Kyle Berlinsky & Robert Tunis - Colliers
- Tenant: Maria B. Campbell Associates
- Tenant's Representative: Hannah Gerard - CBRE
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
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