Supramar Leases 3,800 SF Office Space At 445 Park Avenue From Landlord Jay Futersak
445 Park Avenue
$85
$85/SF
Building Size
3,800 SF
Asset Type
Office
Closing
Mar 1, 2025
About this deal
AI
The property asset involved in this transaction is an office space located at 445 Park Avenue in Midtown, encompassing 3,800 square feet. This space was leased under a Modified Gross Lease structure, facilitating a mutual agreement between the landlord and tenant regarding operating expenses.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Disclosed
- Address: 445 Park Avenue
- Market: Midtown
- Landlord: Jay Futersak
- Tenant: Supramar
- Broker: Andrew J. Roth - Somerset Real Estate LLC
Key individuals in this transaction include landlord Jay Futersak and tenant Supramar, a boutique luxury fitness club. The broker representing this deal, Andrew J. Roth of Somerset Real Estate LLC, noted the importance of creative place-making in securing a new location in the Park Avenue office corridor for the tenant.
On the Map
$85
$85/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
186623.53%
Cash-on-Cash
-53337.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93