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521 5th Ave, New York, NY, ...

Prime Office Centers Leases 16000 Square Feet From SL Green At 521 5th Ave New York
LEASEDOffice

Prime Office Centers Leases 16000 Square Feet From SL Green At 521 5th Ave New York

521 5th Ave, New York, NY, 10175

Building Size

16,000 SF

Asset Type

Office

Closing

Sep 8, 2015

AI

The property involved in this transaction is located at 521 5th Ave, New York, NY, 10175. It is a lease transaction for a space measuring 16,000 square feet within the New York market. The tenant, Prime Office Centers, has signed a 10-year renewal for this property. The landlord is SL Green.

Summary of transaction details:

  • Property Type: Lease
  • Transaction Amount: Not specified
  • Address: 521 5th Ave, New York, NY, 10175
  • Market: New York
  • Square Feet: 16,000
  • Tenant: Prime Office Centers
  • Landlord: SL Green
  • Tenant's Representative: Alan Friedman, Lee & Associates
  • Landlord's Representative: David Kaufman, Lee & Associates
  • Landlord's Representative: David Kaufman, Atlanta Fine Homes Sotheby's International Realty

Alan Friedman from Lee & Associates represented Prime Office Centers in the renewal deal, while SL Green was represented by David Kaufman from both Lee & Associates and Atlanta Fine Homes Sotheby's International Realty, showcasing an in-house representation approach for the landlord.

Players

Alan Friedman

Lee & Associates

Broker

$6.1M

vol

3 deals

Broker
SL Green
SL GreenLandlord

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