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422 Fulton Mall

Brooklyn Prospect Charter School Leases 150000 Square Feet Office At 422 Fulton Mall New York City
LEASEDOffice

Brooklyn Prospect Charter School Leases 150000 Square Feet Office At 422 Fulton Mall New York City

422 Fulton Mall

Building Size

150,000 SF

Asset Type

Office

Closing

Mar 20, 2025

AI

The property asset involved in this transaction is an office space located at 422 Fulton Mall in New York City. The asset spans a total of 150,000 square feet. This lease transaction was finalized on March 20, 2025, with Tishman Speyer serving as the landlord.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 422 Fulton Mall
  • Market: New York City
  • Square Feet: 150,000
  • Tenant: Brooklyn Prospect Charter School
  • Landlord: Tishman Speyer
  • Tenant's Rep: Justin DiMare (Newmark), Ross Kaplan (Newmark)
  • Landlord's Rep: Megan Sheehan (Tishman Speyer), Mary Ann Tighe (CBRE), Gerry Miovski (CBRE), Joseph (Joe) Cirone (CBRE), Zachary (Zac) Price (CBRE), Masha Dudelzak (CBRE)

This lease involved multiple representatives for both the tenant and the landlord, with the tenant being represented by Justin DiMare and Ross Kaplan from Newmark. On the landlord's side, representation was provided by Megan Sheehan of Tishman Speyer and a team of brokers from CBRE, including Mary Ann Tighe, Gerry Miovski, Joseph (Joe) Cirone, Zachary (Zac) Price, and Masha Dudelzak.

Players

Ross Kaplan

Newmark

Broker

$3.1M

vol

9 deals

Broker
Rob Speyer

Rob Speyer

Tishman Speyer

Landlord

$4B

vol

37 deals

Landlord

Brooklyn 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