AZ Coaching Leases 5,000 SF Office Space At 474 Seventh Avenue, Manhattan
474 7th Ave New York, NY 10018, USA
$40
$40/SF
Building Size
5,000 SF
Asset Type
Office
Closing
Jun 15, 2023
About this deal
AI
474 Seventh Avenue in New York, NY has recently been leased in a successful transaction. The property is an office asset located in the Garment District of Manhattan. With a size of 5,000 square feet, it offers ample space for the tenant, AZ Coaching, to operate their business. The leasing deal was facilitated by brokers Christopher Okada and Avery Reavill of Okada & Company, representing both the landlord, Pi Capital - Jerry Pi, and the tenant.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not specified
- Address: 474 Seventh Avenue, New York, NY
- Market: Garment District, Manhattan
- Tenant: AZ Coaching
- Broker: Christopher Okada & Avery Reavill - Okada & Company
Okada & Co. is known for its strong presence in the post-pandemic office market, particularly in Midtown Manhattan, where they manage a portfolio that encompasses over 3 million square feet of commercial real estate. The closure of the 474 Seventh Avenue lease marks their 62nd transaction of the year and adds to their impressive track record of leasing 406,609 square feet of office space since 2021. Despite some media narratives suggesting a decline in the NYC office market, this achievement highlights the resilience and continued demand in the sector.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
396575.00%
Cash-on-Cash
-113342.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93