Toccin Leases Office Space At 550 7th Avenue In Garment District
550 7th Avenue
$55
$55/SF
Building Size
5,800 SF
Asset Type
Office
Closing
Jun 3, 2024
AI
The office at 550 7th Avenue, located in the Garment District, was leased for a single net lease with an asking rent of $55 per square foot. The lease encompasses 5,800 square feet of space and involves the landlord, Kaufman Organization, and the tenant, Toccin.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 550 7th Avenue
- Market: Garment District
- Asset Type: Office
- Landlord: Kaufman Organization
- Tenant: Toccin
- Landlord's Rep: Michael Heaner - Kaufman Organization
- Tenant's Rep: Oded Nachmani - Current Real Estate Advisors
- Asking Rent: $55/ft
- Lease Type: Single Net Lease
Michael Heaner from Kaufman Organization and Oded Nachmani from Current Real Estate Advisors represented the landlord and the tenant, respectively, in the leasing transaction of the office space at 550 7th Avenue.
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
288418.18%
Cash-on-Cash
-82430.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93