Adelphi University Leases 50,000 SF Office Space At 529 5th Avenue In Midtown Manhattan
529 5th Avenue
$70
$70/SF
Building Size
50,000 SF
Asset Type
Office
Closing
Dec 23, 2024
About this deal
AI
The property asset involved in this transaction is an office space located at 529 5th Avenue in Midtown Manhattan. The facility encompasses a total square footage of 50,000 and is under a modified gross lease at an asking rent of $70 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $70/ft
- Square Footage: 50,000
- Address: 529 5th Avenue
- Market: Midtown Manhattan
- Landlord: Josh Rahmani, Ebi Khalili & Aaron Bergman - Empire Capital Holdings; Igal Namdar - Namdar Realty Group
- Tenant: Adelphi University - Christine Riordan
- Landlord's Representative: Mitchell Konsker - JLL
This transaction involves key individuals such as Christine Riordan representing Adelphi University as the tenant. The landlord's representatives include Mitchell Konsker from JLL, who facilitated the deal for Empire Capital Holdings and Namdar Realty Group.
On the Map
$70
$70/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
226614.29%
Cash-on-Cash
-64767.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93