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475 Park Ave S, New York, N...

Mind Gym Subleases 2nd Floor Of Office Building In Kips Bay To Expand Operations
LEASEDOffice

Mind Gym Subleases 2nd Floor Of Office Building In Kips Bay To Expand Operations

475 Park Ave S, New York, NY 10016, USA

Building Size

14,125 SF

Asset Type

Office

Closing

Feb 18, 2020

AI

The office property at 475 Park Ave South in Kips Bay was involved in a closed transaction. The property spans a total of 14,125 square feet and was leased by Mind Gym. The landlord of the property is Cohen Brothers. Mind Gym subleased the 2nd floor from Yume. The asking rent for the space was $58 per square foot.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not provided
  • Address: 475 Park Ave South
  • Market: Kips Bay

In this deal, Mind Gym was represented by Emilie Goldman from SquareFoot, while the landlord, Cohen Brothers, was represented by Joseph Genovesi from Savills.

Players

Cohen Brothers

Cohen Brothers Realty

Landlord

15 deals

Landlord

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93