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
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