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551 5th Avenue

Barst & Mukamal LLP Leases Office Space From The Feil Organization In Midtown Manhattan
LEASEDOffice

Barst & Mukamal LLP Leases Office Space From The Feil Organization In Midtown Manhattan

551 5th Avenue

$60

$60/SF

Building Size

6,778 SF

Asset Type

Office

Closing

Jan 1, 2025

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:

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.

Players

Todd Hershman

Newmark

Broker

$37.3M

vol

6 deals

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

264383.33%

Cash-on-Cash

-75561.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93