GFP Real Estate Leases Office Space To Four Tenants At 505 Eighth Ave
505 8th Ave, New York, NY, 10018
Building Size
2,300 SF
Asset Type
Office
Closing
Aug 12, 2022
About this deal
AI
Located at 505 8th Ave, New York, NY, 10018, the office property spans 12,450 square feet in Midtown Manhattan. It witnessed four lease signings, with a notable renewal by Greystone & Co. for 7,400 square feet. Construction Technology Laboratories also secured a 5-year lease for 2,300 square feet.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Tenant's Rep: Stephen Sunderland()
- Landlord: GFP Real Estate
- Square Feet: 2300
All leases were orchestrated with careful representation. Senior Managing Director Allen Gurevich acted on behalf of GFP Real Estate in the entirety of the transactions. Another key figure in the deals was Senior Managing Director Donna Vogel, representing RentQuest in securing a three-year lease for 900 square feet on the 10th floor. These individuals played pivotal roles in the successful leasing activities at 505 8th Ave.
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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