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41 Madison Avenue

Kensington Vanguard National Land Services Leases 13,394 SF Office Space At 41 Madison Avenue
LEASEDOffice

Kensington Vanguard National Land Services Leases 13,394 SF Office Space At 41 Madison Avenue

Building Size

13,394 SF

Asset Type

Office

Closing

Nov 2, 2023

AI

Robert Steinman of Rudin has secured a 10-year lease with Kensington Vanguard National Land Services for the entire 21st floor of 41 Madison Avenue, a Class A office tower located in Manhattan's Gramercy Park submarket. The lease encompasses 13,394 square feet of space.

Summary of Transaction Details

  • Property Type: Office
  • Transaction Amount: Not applicable
  • Address: 41 Madison Avenue
  • Market: Gramercy Park, Manhattan
  • Landlord: Robert Steinman - Rudin
  • Tenant: Kensington Vanguard National Land Services
  • Brokers: Brett Harvey & Howard Hersch - JLL

Kensington Vanguard National Land Services, a subsidiary of Truist Bank, will occupy the 13,394-square-foot space on the 21st floor of 41 Madison Avenue. The lease agreement was facilitated by brokers Brett Harvey and Howard Hersch from JLL.

Players

Brett Harvey

Newmark

Broker

$270M

vol

28 deals

Broker
Rudin Management Company
Rudin Management CompanyBrokerage
Robert Steinman

Robert Steinman

Rudin Management Company

Landlord

11 deals

Landlord

Market 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