Lingotto Leases Office Space In Midtown Manhattan For $85/ft
461 5th Avenue
$85
$85/SF
Building Size
11,232 SF
Asset Type
Office
Closing
Apr 10, 2024
About this deal
AI
Located at 461 5th Avenue in Midtown Manhattan, the office asset involved in the lease is set to welcome Lingotto as the new tenant. Lingotto will be leasing 11,232 square feet of space for a 10-year term at an asking rent of $85 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Landlord: Marc Holliday - SL Green Realty
- Tenant: Lingotto
- Landlord's Representative: Brian Waterman, David Waterman, Kevin Sullivan & Scott Klau - Newmark
- Tenant's Representative: Harley Dalton, Ron Lo Russo & Samantha Perlman - Cushman & Wakefield
- Address: 461 5th Avenue
- Market: Midtown Manhattan
- Asking Rent: $85/ft
- Lease Term: 10 years
Lingotto, with $4.6 billion in assets under management, is making its debut in New York City by leasing space within this prestigious building, marking a strategic move for the company's expansion.
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