PT OF THE CITY Leases 3,500 SF Office Space At 575 8th Avenue In New York City
575 8th Avenue
$41
$41/SF
Building Size
9,500 SF
Asset Type
Office
Closing
Apr 26, 2023
AI
Olmstead Properties has leased an office space located at 575 8th Avenue in New York City. The lease term is for 10 years, with an asking rent of $41 per square foot. The total square footage of the space is 3,500 square feet.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not applicable for lease transactions
- Market: New York City
The tenant, PT OF THE CITY, has signed the lease agreement with Olmstead Properties. Samuel Hartstein from Gemstone Realty Group LLC represented both the landlord and the tenant in this deal.
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