Hickory Lane Capital Management Leases 2100 Sq Ft From Savitt Partners In New York
530 7th Ave, New York, NY, 10018
Building Size
2,100 SF
Asset Type
Office
Closing
May 27, 2020
AI
Hickory Lane Capital Management has signed a lease for a space located at 530 7th Ave, New York, NY, 10018. The leased space spans 2,100 square feet on the seventh floor and will serve as the firm’s headquarters. The property is situated in the Garment District, an area known for its central location and modern amenities.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Tenant: Hickory Lane Capital Management
- Landlord: Savitt Partners
- Tenant's Representative: Christina Combias-Voro Real Estate
- Landlord's Representative: Alicia Parente-Savitt Partners
- Square Feet: 2,100
Bob Savitt, founder and president of Savitt Partners, acknowledged the lease agreement and highlighted the flexible options available at 530 Seventh Avenue. Joshua Pearl, founder of Hickory Lane, expressed appreciation for the personalized attention from Savitt Partners during the lease process, ensuring the office would be ready for New York City’s reopening. The tenants also have access to Space 530, a co-working environment within the office tower that offers additional office spaces and meeting/conference rooms.
Players
New York Office Market Snapshot
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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