Lantern Community Services Leases Office Space At 575 8th Avenue In Garment District, Manhattan
575 8th Avenue
$41
$41/SF
Building Size
9,500 SF
Asset Type
Office
Closing
Sep 12, 2023
AI
The office space located at 575 8th Avenue in the Garment District of Manhattan has recently been leased. The property, owned by Olmstead Properties, will now be occupied by Lantern Community Services. The lease agreement, facilitated by the landlord's representative, Daniel Breiman of Olmstead Properties, and the tenant's representative, Samuel Hartstein of Ripco, has a term of 10 years. The asking rent for the 9,500 square feet of space is $41 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not mentioned
- Address: 575 8th Avenue
- Market: Garment District, Manhattan
- Landlord: Olmstead Properties
- Tenant: Lantern Community Services
- Tenant's Representative: Samuel Hartstein - Ripco
It is important to note that no additional details were provided regarding the transaction.
Players
Market 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
386902.44%
Cash-on-Cash
-110577.90%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93