EliseAI Signs 10-Year Lease For 109000 Square Feet At 401 Fifth Avenue In Manhattan
401 5th Avenue
$80
$80/SF
Building Size
109,000 SF
Asset Type
Office
Closing
Jan 20, 2026
About this deal
AI
The asset involved in the transaction is located at 401 5th Avenue in Manhattan, featuring office space with a total square footage of 109,000. The lease was signed at an asking rent of $80 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $80/ft
- Square Footage: 109,000
- Address: 401 5th Avenue
- Market: Manhattan
- Landlord: Chetrit Organization
- Tenant: EliseAI
- Landlord's Representatives: Brian Waterman, David Waterman & Alexander Kesseler - Newmark
- Tenant's Representatives: Evan Margolin, Val Stobetsky, Calum Waddell, Hale King & Will McGarry - JLL
The deal marks a significant relocation for EliseAI, which is moving from its previous location at 33 East 33rd Street. The lease is structured for a duration of 10 years, emphasizing a long-term commitment from the tenant to the new space at 401 Fifth Avenue.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
198287.50%
Cash-on-Cash
-56671.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93