In Record Time Leases 5202 Square Feet From Newmark Holdings At 505 8th Ave Brooklyn
505 8th Ave, Brooklyn, NY, 11215
Building Size
5,202 SF
Asset Type
Office
Closing
Nov 1, 2016
AI
505 8th Ave, located in Brooklyn, NY 11215, is a 25-story building where In Record Time signed a lease for a total of 5,202 square feet. The property falls within the Brooklyn market and is owned by Newmark Holdings.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 505 8th Ave, Brooklyn, NY 11215
- Market: Brooklyn
- Tenant: In Record Time
- Landlord: Newmark Holdings
- Tenant's Representatives: Chris Mongeluzo (Newmark Knight Frank), Corey Borg (Newmark)
- Landlord's Representative: Allen Gurevich (Newmark)
- Square Feet: 5202
The transaction involved a marketing, branding, and product design company, In Record Time. The lease was facilitated with representation by Newmark Knight Frank's Chris Mongeluzo and Corey Borg, while the landlord, Newmark Holdings, was represented in-house by Allen Gurevich.
Players
Brooklyn 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