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
About this deal
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.
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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