F.L.Putnam Investments Signs 11-Year Lease At 445 Park Avenue In Midtown Manhattan
445 Park Avenue
$80
$80/SF
Building Size
6,100 SF
Asset Type
Office
Closing
Aug 24, 2023
About this deal
AI
An 11-year lease has been signed for an office space located at 445 Park Avenue in Midtown Manhattan. The property, spanning 6,000 square feet, has been leased by F.L.Putnam Investments. The asking rent for the space is $80 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $80/ft
- Lease Term: 11 years
- Address: 445 Park Avenue
- Market: Midtown Manhattan
- Tenant: F.L.Putnam Investments
- Landlord: Michael J. Close - Park Avenue Properties Associates LLC
- Brokers: Lauren Curcio & Adelaide Polsinelli - Compass
The lease deal was facilitated by Lauren Curcio and Adelaide Polsinelli of Compass as the brokers. The landlord, Park Avenue Properties Associates LLC, represented by Michael J. Close, agreed to lease the office space to F.L.Putnam Investments for the next 11 years.
On the Map
$80
$80/SF
Office
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Players
New York Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
198287.50%
Cash-on-Cash
-56671.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93