Hani Lazkani Of Olayan Group Leases 75000 Square Feet Office To Rudy Sahay In Midtown Manhattan
550 Madison Avenue
Building Size
75,000 SF
Asset Type
Office
Closing
May 5, 2025
AI
The property asset involved in the transaction is located at 550 Madison Avenue in Midtown Manhattan. It is an office space with a total square footage of 75,000. The lease was signed by the tenant for the penthouse of the building, marking a significant move for the tenant. The transaction occurred on May 5, 2025.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 550 Madison Avenue
- Market: Midtown Manhattan
- Asset Type: Office
- Square Footage: 75,000
- Landlord: Hani Lazkani - Olayan Group
- Tenant: Rudy Sahay - Aquarian
The deal involved Hani Lazkani representing the Olayan Group as the landlord and Rudy Sahay representing Aquarian as the tenant in this lease agreement. Aquarian is relocating from 40 10th Avenue to this new location.
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