17Capital Signs Long-Term Lease For Office Space At 452 5th Avenue In Midtown Manhattan
452 5th Avenue
$160
$160/SF
Building Size
16,298 SF
Asset Type
Office
Closing
Sep 16, 2024
About this deal
AI
The property involved in this transaction is located at 452 5th Avenue in Midtown Manhattan, comprising office space with a total square footage of 16,298. The asking rent for this office asset is $160 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $160/ft
- Address: 452 5th Avenue
- Market: Midtown Manhattan
- Asset Size: 16,298 square feet
- Landlord: Property & Building Corporation
- Tenant: 17Capital
- Landlord's Representative: Benjamin Bass, Kate Roush, Kristen Morgan & Paul Glickman - JLL
- Tenant's Representative: David Mainthow & Troy Elias - Cushman & Wakefield
This lease was secured as private equity firm 17Capital transitions its New York City office to the 29th floor of the building, entering into a long-term agreement.
On the Map
$160
$160/SF
Office
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Players
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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