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
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