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511 5th Avenue

Updated Mar 10, 2026

WeWork Expands With 37000 Square Foot Lease At 511 Fifth Avenue Manhattan
LEASEDOffice

WeWork Expands With 37000 Square Foot Lease At 511 Fifth Avenue Manhattan

511 5th Avenue

Building Size

37,000 SF

Asset Type

Office

Closing

Mar 10, 2026

About this deal

AI

The asset involved in this transaction is an office space located at 511 5th Avenue in Manhattan. The property encompasses a total of 37,000 square feet, designed for flexible office solutions, aligning with modern workplace trends.

Summary of transaction details:

This transaction marks WeWork's expansion in New York City following a Chapter 11 filing. The new lease includes four floors and features a 9,000-square-foot coworking lounge, part of a larger strategy to enhance the company’s presence in the region.

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Players

Peter Riguardi

JLL

Broker

$38.2M

vol

16 deals

Broker
Jeff Sutton

Jeff Sutton

Wharton Properties

Landlord

$5.6B

vol

59 deals

Landlord
John Santora

John Santora

WeWork

Tenant

4 deals

Tenant
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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

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