Greystone Signs Seven-Year Lease For 8000 Square Feet At 499 Seventh Avenue In Manhattan
499 Seventh Avenue
$52
$52/SF
Building Size
8,000 SF
Asset Type
Office
Closing
Feb 3, 2025
AI
The property at 499 Seventh Avenue is an office asset located in the Manhattan market, featuring a lease signed by Greystone. The asking rent for the property is set at $52 per square foot for a total area of 8,000 square feet.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $52/ft
- Lease Duration: Seven years
- Landlord: Thomas Block
- Tenant: Charles Di Maggio - Greystone
- Landlord's Representatives: Brian Neugeboren, Elliot Zelinger & Matthew Savitt - Savitt Partners
- Tenant's Representatives: Jake Leon & Matthew Leon - Newmark
The transaction involved multiple representatives from both the landlord and tenant sides, with Savitt Partners acting on behalf of the landlord and Newmark representing the tenant. Charles Di Maggio secured the lease agreement for the third floor of the building, facilitated by the representatives during the negotiation process.
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
305057.69%
Cash-on-Cash
-87186.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93