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590 Madison Avenue, New Yor...

NASCAR Leases 14k SF Office At 590 Madison Ave In New York
LEASEDOffice

NASCAR Leases 14k SF Office At 590 Madison Ave In New York

590 Madison Avenue, New York, NY, 1...

Building Size

14,000 SF

Asset Type

Office

Closing

Sep 1, 2015

AI

Located at 590 Madison Avenue in New York, NY, this office property spans 14,000 square feet. The tenant, NASCAR, signed a 10-year lease for the space. Representing NASCAR was Patrick Heeg from JLL, while the landlord, the State Teachers Retirement System of Ohio, was represented by Jeff Sussman from Minskoff Equities.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not Applicable
  • Tenant: NASCAR
  • Tenant's Rep: Patrick Heeg (JLL)
  • Landlord: State Teachers Retirement System of Ohio
  • Landlord's Rep: Jeff Sussman (Minskoff Equities)
  • Address: 590 Madison Avenue, New York, NY
  • Market: New York
  • Square Feet: 14000

In this lease transaction, Patrick Heeg of JLL served as the representative for NASCAR, securing the 14,000 square feet office space at 590 Madison Avenue. On the other side, Jeff Sussman from Minskoff Equities acted as the representative for the State Teachers Retirement System of Ohio, the landlord in this deal.

Players

Patrick Heeg

Transwestern

Broker

6 deals

Broker
State Teachers Retirement System of Ohio
State Teachers Retirement System of OhioBrokerage
State Teachers Retirement System of Ohio
State Teachers Retirement System of OhioLandlord

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