China Merchants Bank Extends Lease At 535 Madison Avenue In Midtown
535 Madison Avenue
Building Size
43,060 SF
Asset Type
Office
Closing
Feb 12, 2024
AI
The office property located at 535 Madison Avenue in Midtown Manhattan spans 43,060 square feet across three floors. The landlord, Marian Klein of Park Tower Group, secured a 15-year lease extension with the tenant, China Merchants Bank.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Address: 535 Madison Avenue
- Market: Midtown Manhattan
- Landlord: Marian Klein - Park Tower Group
- Tenant: China Merchants Bank
- Landlord's Rep: Laurence Briody, Jr. & Brian Gell - CBRE
- Tenant's Rep: Barry Spagna, Erik Sznip & Michael Goldman - Cresa
- Lease Term: 15-year lease extension
China Merchants Bank's lease extension at 535 Madison Avenue solidifies its presence in Midtown Manhattan. The tenant's representatives, Barry Spagna, Erik Sznip, and Michael Goldman of Cresa, facilitated the extension deal, bringing continuity to China Merchants Bank's operations at the property since 2008.
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