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445 Park Avenue

Perry Law Signs 11-Year Office Lease At 445 Park Avenue, Midtown Manhattan
LEASEDOffice

Perry Law Signs 11-Year Office Lease At 445 Park Avenue, Midtown Manhattan

445 Park Avenue

$95

$95/SF

Building Size

6,100 SF

Asset Type

Office

Closing

Feb 7, 2024

AI

The office at 445 Park Avenue in Midtown Manhattan was leased by Perry Law from landlord Jay Futersak. The lease agreement, facilitated by brokers Adelaide Polsinelli and Lauren Curcio from Compass, had an asking rent of $95 per square foot for the 6,100 square feet space and a lease term of 11 years.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 445 Park Avenue
  • Market: Midtown Manhattan
  • Landlord: Jay Futersak
  • Tenant: Perry Law
  • Brokers: Adelaide Polsinelli & Lauren Curcio - Compass
  • Asking Rent: $95/ft
  • Size: 6,100 square feet
  • Lease Term: 11 Years

Adelaide Polsinelli and Lauren Curcio of Compass played pivotal roles in matching the landlord, Jay Futersak, with the tenant, Perry Law, for the lease of the office space at 445 Park Avenue in Midtown Manhattan. The 11-year lease agreement with an asking rent of $95 per square foot underscores the successful transaction.

Players

Adelaide Polsinelli

Compass

Broker

$285M

vol

26 deals

Broker

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

166978.95%

Cash-on-Cash

-47723.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93