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
Brooklyn Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
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