Mystic Expands At The Arsenal Co's 463 7th Ave With JLL Reps
463 7th Ave, New York, NY, 10018
$54
$54/SF
Building Size
37,000 SF
Asset Type
Office
Closing
Jan 10, 2017
About this deal
AI
The office space at 463 7th Ave in New York, NY, 10018, was the subject of a lease transaction involving apparel company Mystic. Mystic expanded its footprint within The Arsenal Co's property, growing from its initial 31,000 square feet on the 12th floor to a total of 37,000 square feet, which now includes a 5,000 square feet block on the 13th floor for an office and showroom. Mystic manufactures goods for renowned fashion brands like Michael Kors and Anne Klein.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Market: New York
- Tenant's Rep: Mitchell Konsker (JLL)
- Tenant: Mystic
- Landlord: The Arsenal Co
- Rent/SF: $54
- Square Feet: 37,000
Adams & Co principal David Levy represented The Arsenal Co in the transaction, while Mitchell Konsker from JLL served as Mystic's representative. The deal involved a leasing agreement with asking rent set at $54 per square foot.
On the Map
$54
$54/SF
Office
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
293759.26%
Cash-on-Cash
-83957.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93