S.Vinodkumar USA Renews Lease At 521 5th Avenue In Midtown Manhattan
521 5th Avenue
$68
$68/SF
Building Size
15,113 SF
Asset Type
Office
Closing
Mar 4, 2024
About this deal
AI
The office property located at 521 5th Avenue in Midtown Manhattan was subject to a lease renewal transaction involving tenant S.Vinodkumar USA Inc. and landlord Savanna, represented by Avi Ben-Ishay of Eastwood Capital Properties and Timothy Freydberg of CBRE, respectively. The lease term spanned 7 years with an asking rent of $68 per square foot for the 15,113 square feet space.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Applicable
- Address: 521 5th Avenue
- Market: Midtown Manhattan
- Tenant: S.Vinodkumar USA Inc.
- Landlord: Savanna - Christopher Schlank
- Tenant's Rep: Avi Ben-Ishay - Eastwood Capital Properties
- Landlord's Rep: Timothy Freydberg - CBRE
- Asking Rent: $68/ft
- Lease Type: Lease Renewal
- Lease Term: 7 years
Avi Ben-Ishay of Eastwood Capital acted as the tenant's representative during the lease renewal negotiations, while CBRE represented Savanna in the transaction.
On the Map
$68
$68/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
233279.41%
Cash-on-Cash
-66671.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93