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437 5th Avenue, New York Ci...

MedRite Urgent Care Signs 10-Year Lease For Office Space At 437 Fifth Avenue In Midtown Manhattan
LEASEDOffice

MedRite Urgent Care Signs 10-Year Lease For Office Space At 437 Fifth Avenue In Midtown Manhattan

437 5th Avenue, New York City, New York 10016, United States

Building Size

2,300 SF

Asset Type

Office

Closing

Aug 21, 2022

AI

The leased property involved in this transaction is an office space located at 437 Fifth Avenue in Midtown. The property is leased by MedRite Urgent Care for a term of 10 years. The asking rent for the space was $250 per square foot and the total square footage is 2,300. The lease was negotiated by the tenant's representatives, Zach Parisi and Gary Trock from CBRE, and the landlord's representatives, Ariel Schuster and Tyler King from Newmark.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not applicable
  • Address: 437 Fifth Avenue
  • Market: Midtown
  • Tenant: MedRite Urgent Care
  • Landlord: Joseph P. Day Realty
  • Asking Rent: $250/ft.
  • Square Footage: 2,300
  • Lease Terms: 10-year

The landlord of the property is Joseph P. Day Realty, represented by Rick Brickell. MedRite Urgent Care is the tenant, and they were represented by Zach Parisi and Gary Trock from CBRE. The landlord's representatives in the transaction were Ariel Schuster and Tyler King from Newmark.

Players

Ariel Schuster

Newmark

Broker

$461.2M

vol

27 deals

Broker

Rick Brickell

Joseph P. Day Realty

Landlord

2 deals

Landlord
MC
MedRite Urgent CareTenant

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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93