Steadfast Financial Renews 21,640 Square Foot Lease At 450 Park Avenue In Manhattan
450 Park Avenue
Building Size
21,640 SF
Asset Type
Office
Closing
Mar 4, 2026
About this deal
AI
The property asset involved in the transaction is an office space located at 450 Park Avenue in Manhattan. This lease covers a total of 21,640 square feet, specifically encompassing the 20th and 21st floors. The transaction was negotiated at an asking price of roughly $170 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Approximately $170 per square foot
- Address: 450 Park Avenue
- Market: Manhattan
- Landlord: SL Green Realty
- Tenant: Steadfast Financial
- Landlord's Representative: Gary Rosen, Howard Tenenbaum - SL Green
- Tenant's Representative: Benjamin Friedland, Taylor Scheinman - CBRE
- Lease Term: Five years
This deal saw Steadfast Financial renewing its lease in a transaction facilitated by representatives from SL Green and CBRE. The lease terms signify a continued tenancy for Steadfast Financial within a prominent Manhattan location.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93