Reverence Capital Partners Leases 13743 Square Feet At 590 Madison Ave New York From State Teachers Retirement
590 Madison Ave, New York, NY, 10022
Building Size
13,743 SF
Asset Type
Office
Closing
Mar 3, 2022
AI
The property involved in the transaction is located at 590 Madison Ave, New York, NY, 10022. The asset encompasses a total of 13,743 square feet and is situated within the New York market.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Square Feet: 13,743
- Address: 590 Madison Ave, New York, NY, 10022
- Market: New York
- Tenant: Reverence Capital Partners
- Landlord: State Teachers Retirement System
- Broker: Daniel Wilpon - CBRE
The deal involves tenant Reverence Capital Partners who secured the lease with the landlord, State Teachers Retirement System, facilitated by broker Daniel Wilpon from CBRE. Each party's representation played a crucial role in finalizing the terms of the lease agreement.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93