Urban Atelier Group Signs 15-Year Lease For Office Space At 41 Madison Avenue In Midtown
41 Madison Avenue
$79
$79/SF
Building Size
25,268 SF
Asset Type
Office
Closing
Nov 4, 2024
About this deal
AI
The property asset involved in this transaction is located at 41 Madison Avenue in Midtown Manhattan. This office space has an asking rent of $79 per square foot and encompasses a total of 25,268 square feet. The transaction consists of a lease agreement for a duration of 15 years.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $79/ft
- Lease Term: 15-year lease
- Landlord: Michael Rudin - Rudin
- Tenant: Urban Atelier Group
- Landlord's Representative: Robert Steinman - Rudin Management
- Tenant's Representative: Ross Eisenberg - RDE Advisors
The transaction marks a significant move for Urban Atelier Group, which is relocating from its current headquarters in Midtown. The involvement of Rudin Management indicates a representation by established figures in the real estate market.
On the Map
$79
$79/SF
Office
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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
200797.47%
Cash-on-Cash
-57388.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93