Family Energy & SFE Energy Lease 5,100 SF Office Space At 505 8th Ave. In Penn Station
505 8th Avenue, New York City, New York 10018, United States
Building Size
5,100 SF
Asset Type
Office
Closing
May 31, 2022
About this deal
AI
The property at 505 8th Ave. in Penn Station has recently been leased. The asset type of the property is an office. The lease was arranged by Kim Levandovsky and Brandon L. Singer from Retail By MONA, who represented the tenants, Family Energy & SFE Energy. The landlord of the property is GFP. The lease transaction took place on 06/01/2022.
Summary of transaction details:
- Property Type: Office
- Transaction Date: 06/01/2022
- Address: 505 8th Ave.
- Market: Penn Station
- Landlord: GFP
- Tenant: Family Energy & SFE Energy
- Tenant's Representative: Kim Levandovsky & Brandon L. Singer from Retail By MONA
- Asking Rent: $50/ft.
- Square Footage: 5,100 SF
Kim Levandovsky and Brandon L. Singer from Retail By MONA negotiated the lease on behalf of the tenants, Family Energy & SFE Energy. The lease was successfully arranged with GFP as the landlord of the property. The tenants and their representatives worked together to secure the lease, which amounted to $50 per square foot for a total of 5,100 square feet of office space.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93