Nixon Peabody Leases Office At 48 W 47th St, New York For 66000 Sq Ft
48 W 47th St, New York, NY, 10036
Building Size
66,000 SF
Asset Type
Office
Closing
Oct 25, 2016
AI
Located at 48 W 47th St, New York, NY, 10036, the office property in New York spans 66,000 square feet. Nixon Peabody signed a 15-year lease for floors 23 through 25 in the building, represented by CBRE's Timothy Dempsey, Michael Monahan, and Ramneek Rikhy.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Tenant: Nixon Peabody
- Landlord: PGIM Real Estate
- Tenant's Rep: Michael Monahan(CBRE), Ramneek Rikhy(CBRE)
- Brokers: Timothy Dempsey(CBRE)
Comcast also secured space in the building, signing a 10-year lease for 45,000 square feet on the top two floors. The tenant was represented by Avison Young's Michael Gottlieb and David Fahey. In both leases, the landlord was represented by a CBRE team consisting of Peter Turchin, James Ackerson, and Sam Seiler.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
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