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512 7th Avenue, Manhattan, ...

CVS Pharmacy Leases Office Space At 512 7th Avenue In Garment District
LEASEDOffice

CVS Pharmacy Leases Office Space At 512 7th Avenue In Garment District

512 7th Avenue, Manhattan, New York, NY, USA

Building Size

11,000 SF

Asset Type

Office

Closing

Mar 4, 2021

AI

An office space located at 512 7th Avenue in the Garment District has been leased. The lease transaction took place on March 5, 2021. The property has a total area of 11,000 square feet and is owned by Chetrit Group, Minskoff Equities, and Moinian Group. The tenant for this lease is CVS Pharmacy. The deal was facilitated by Steven Bentolila from Oxford NYC. The asking rent for the space was $350 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 512 7th Avenue
  • Market: Garment District

The lease of the office space at 512 7th Avenue was secured by CVS Pharmacy. The property is owned by Chetrit Group, Minskoff Equities, and Moinian Group. Steven Bentolila from Oxford NYC represented CVS Pharmacy in the transaction. The lease was finalized with an asking rent of $350 per square foot.

Players

Steven Bentolila

Bento Property Group

Broker

$74.2M

vol

11 deals

Broker
The Moinian Group
The Moinian GroupBrokerage
Chetrit Group
Chetrit GroupLender
The Moinian Group
The Moinian GroupLandlord
CP
CVS PharmacyTenant

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

Loading comparables…

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