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474 7th Ave New York, NY 10...

Updated Oct 29, 2024

AZ Coaching Leases 5,000 SF Office Space At 474 Seventh Avenue, Manhattan
LEASEDOffice

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

Christopher Okada

Okada & Company

Broker

$352.8M

vol

87 deals

Broker

New York Office Market Snapshot

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Deal FAQ

About $40 per square foot on a published $40 for 5,000 square feet (2023).

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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

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