Riverside Immigrant Services & Empowerment Signs 10-Year Lease At 520 8th Avenue In Garment District
520 8th Avenue
Building Size
7,649 SF
Asset Type
Office
Closing
Jun 4, 2025
About this deal
AI
The property asset involved in this transaction is located at 520 8th Avenue in the Garment District. It features an office space encompassing 7,649 square feet and is situated on the 20th floor of the building.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Lease Term: 10-year lease
- Landlord: Eric Gural & Brian Steinwurtzel - GFP Real Estate
- Tenant: Riverside Immigrant Services & Empowerment
- Broker: Matthew Mandell - GFP Real Estate
The transaction highlights the role of Eric Gural and Brian Steinwurtzel as landlords representing GFP Real Estate. Riverside Immigrant Services & Empowerment is relocating from West 89th Street to a more central location in the Garment District, showcasing a strategic move to enhance accessibility for its services.
On the Map
Office
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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