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
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