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:
- 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.
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
264383.33%
Cash-on-Cash
-75561.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93