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
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