Transit Wireless Leases Office Space In New York City's 589 8th Avenue
589 8 AVENUE, New York, NY 10018
$39
$39/SF
Building Size
5,200 SF
Asset Type
Office
Closing
Jun 9, 2023
About this deal
AI
The office located at 589 8th Avenue in New York City has recently been leased by Transit Wireless. The lease term is for 8 years, and the total square footage of the space is 5,200. The asking rent for the property was $39 per square foot.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: Lease
- Date: 06/09/2023
- Address: 589 8th Avenue
- Market: New York City
- Landlord: Hudson Point Associates - Neil Joffee
- Tenant: Transit Wireless
- Landlord's Rep: Ariel Hardwood & JD Cohen - Newmark
- Tenant's Rep: Alexis Odgers - Avison Young
- Asking Rent: $39/ft
- Lease Term: 8-Year Lease
Representing Transit Wireless in the lease negotiation was Alexis Odgers from Avison Young. On the other hand, the landlord, Hudson Point Associates, was represented by Ariel Hardwood and JD Cohen from Newmark.
On the Map
$39
$39/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
406743.59%
Cash-on-Cash
-116248.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93