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575 8th Avenue

PT OF THE CITY Leases 3,500 SF Office Space At 575 8th Avenue In New York City
LEASEDOffice

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

Samuel Hartstein

Gemstone Realty Group

Broker

$5.5M

vol

15 deals

Broker
Olmstead Properties
Olmstead PropertiesLandlord

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