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440 Park Ave S, New York, N...

Innovant Signs Seven-Year Lease For 11,120 SF Office Space In NoMad
LEASEDOffice

Innovant Signs Seven-Year Lease For 11,120 SF Office Space In NoMad

440 Park Ave S, New York, NY 10016

$65

$65/SF

Building Size

11,120 SF

Asset Type

Office

Closing

Jun 23, 2023

AI

Innovant, a commercial furniture dealer, has signed a seven-year lease for a 11,120-square-foot space at 440 Park Avenue South in NoMad. The lease was negotiated by brokers Brett Harvey and Todd Stracci of JLL on behalf of Innovant. The asking rent for the space is approximately $65 per square foot.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: N/A
  • Address: 440 Park Avenue South
  • Market: NoMad
  • Landlord: Samco Properties
  • Tenant: Innovant
  • Brokers: Brett Harvey & Todd Stracci - JLL
  • Asking Rent: $65/ft.
  • SF: 11,120
  • Lease Terms: Seven-year

The new showroom for Innovant, a commercial furniture dealer, will be located at 440 Park Avenue South in NoMad. The lease agreement, with an asking rent of approximately $65 per square foot, was negotiated by brokers Brett Harvey and Todd Stracci of JLL on behalf of Innovant. This move marks Innovant's relocation of its New York City showroom to NoMad.

Players

Brett Harvey

Newmark

Broker

$270M

vol

28 deals

Broker
SP
Samco PropertiesLandlord

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

244046.15%

Cash-on-Cash

-69749.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93