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450 Park Avenue

Garnett Station Partners Leases Office Space At 450 Park Avenue In Midtown Manhattan
LEASEDOffice

Garnett Station Partners Leases Office Space At 450 Park Avenue In Midtown Manhattan

450 Park Avenue

$160

$160/SF

Building Size

24,963 SF

Asset Type

Office

Closing

Oct 24, 2023

AI

Investment firm Garnett Station Partners has signed a lease for 24,963 square feet of office space at 450 Park Avenue in Midtown Manhattan. The property is owned by SL Green and has an asking rent of $160 per square foot.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Lease
  • Address: 450 Park Avenue
  • Market: Midtown Manhattan

Garnett Station Partners leased the office space from SL Green, represented by Howard Tenenbaum and Gary Rosen. The deal was brokered by David Falk and Jason Greenstein of Newmark.

NOTE: The lease was signed for an asking rent of $160 per square foot.

Players

David Falk
Verified Badge

David Falk

Newmark

Broker

61 deals

Broker
Howard Tenenbaum

Howard Tenenbaum

SL Green

Landlord

$16.3M

vol

11 deals

Landlord

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

99143.75%

Cash-on-Cash

-28335.59%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93