Rockella Signs 15-Year Lease For 16,243 Square Feet Office In Midtown Manhattan
520 8th Avenue
Building Size
16,243 SF
Asset Type
Office
Closing
Jan 28, 2025
AI
The asset involved in this transaction is an office located at 520 8th Avenue in Midtown Manhattan. The total square footage of the office is 16,243. The transaction pertains to a lease agreement rather than a sale, and no transaction amount is specified.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Lease Duration: 15 years
- Landlord: Brian Steinwurtzel & Eric Gural - GFP Real Estate
- Tenant: Rockella
- Brokers: Aidan Campbell & Michael Joseph - Colliers
- Planned Occupancy: 24th floor this spring
This lease transaction involves Brian Steinwurtzel and Eric Gural acting as landlords, representing GFP Real Estate. Rockella is the tenant that signed the lease, while Aidan Campbell and Michael Joseph represent the brokerage firm Colliers in this transaction.
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