Barst & Mukamal LLP Leases Office Space From The Feil Organization In Midtown Manhattan
551 5th Avenue
Building Size
6,778 SF
Asset Type
Office
Closing
Jan 1, 2025
About this deal
AI
The office property located at 551 5th Avenue in Midtown Manhattan features a modified gross lease with an asking rent of $60 per square foot, encompassing a total of 6,778 square feet. The property is under the ownership of The Feil Organization.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $60/ft
- Address: 551 5th Avenue
- Market: Midtown Manhattan
- Landlord: The Feil Organization
- Tenant: Barst & Mukamal LLP
- Landlord's Representative: Andrew Wiener, Kevin Driscoll & Henry Korzec
- Tenant's Representative: Robin Fisher & Todd Hershman - Newmark
- Lease Type: Modified Gross Lease
Key individuals involved in the transaction include Andrew Wiener, Kevin Driscoll, and Henry Korzec representing the landlord, and Robin Fisher and Todd Hershman representing the tenant, Barst & Mukamal LLP.
On the Map
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
264383.33%
Cash-on-Cash
-75561.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93