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551 5th Avenue

Jonathan Rose Companies Renews 11,300 Square Foot Lease With Feil Organization At 551 5th Avenue
LEASEDOffice

Jonathan Rose Companies Renews 11,300 Square Foot Lease With Feil Organization At 551 5th Avenue

551 5th Avenue

$72

$72/SF

Building Size

11,300 SF

Asset Type

Office

Closing

Aug 5, 2024

AI

The leased property is located at 551 5th Avenue in Midtown Manhattan, an office asset featuring a lease renewal of 11,300 square feet for the tenant, Jonathan Rose Companies. The asking rent for this space is set at $72 per square foot.

Summary of transaction details:

This transaction involved key representatives from both the landlord and tenant. The Feil Organization was represented by Andrew Wiener, Kevin Driscoll, and Henry Korzec, while Cushman & Wakefield represented the tenant with Giorgio Versea and John Fitzsimons.

Players

Giorgio Versea

Cushman & Wakefield

Broker

1 deal

Broker

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

220319.44%

Cash-on-Cash

-62967.97%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93