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500 Park Avenue New York, N...

Vera Wang Relocates Offices To 500 Park Ave In Midtown Manhattan
LEASEDOffice

Vera Wang Relocates Offices To 500 Park Ave In Midtown Manhattan

500 Park Avenue New York, New York 10022, Usa

Building Size

26,708 SF

Asset Type

Office

Closing

Aug 21, 2023

AI

Fashion designer Vera Wang has relocated her offices and showroom to a new location at 500 Park Ave in Midtown Manhattan. The property is an office space spanning 26,708 square feet.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 500 Park Ave, Midtown Manhattan
  • Market: Midtown Manhattan
  • Landlord: Morgan Stanley Prime Property Fund
  • Tenant: Vera Wang

In the lease transaction, Cynthia Wasserberger and Frank Doyle from JLL represented the landlord, Morgan Stanley Prime Property Fund. On the tenant's side, Christopher Foerch, Daniel Horowitz, and Jeff Peck from Savills, along with Michael Pallas from JLL, acted as Vera Wang's representatives.

Players

Frank Doyle

JLL

Broker

$538.2M

vol

26 deals

Broker
Morgan Stanley
Morgan Stanley Lender
Morgan Stanley
Morgan Stanley Landlord

Park 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