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595 Madison Ave, New York, ...

Fendi And Berluti Lease 8000 SF Office Space At 595 Madison Ave, New York
LEASEDOffice

Fendi And Berluti Lease 8000 SF Office Space At 595 Madison Ave, New York

595 Madison Ave, New York, NY, 10022

Building Size

8,000 SF

Asset Type

Office

Closing

Dec 24, 2020

AI

Located at 595 Madison Ave, New York, NY, 10022, this office space spans 8,000 square feet and was the center of a recent lease transaction involving luxury brands Fendi and Berluti. Following Coach's departure in January, the space quickly found new tenants in Fendi and Berluti, signaling a swift rebound in the luxury corridor. The tenant's representative, Robin Zendell of Robin Zendell & Associates, played a key role in securing this prime location for the renowned brands, with the landlord being Vornado.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not Applicable
  • Tenant: Fendi and Berluti
  • Square Feet: 8,000
  • Address: 595 Madison Ave, New York, NY, 10022
  • Market: New York
  • Tenant's Rep: Robin Zendell()
  • Landlord: Vornado

After Coach's sudden departure, Fendi and Berluti swiftly swooped in to secure the 8,000-square-foot space at 595 Madison Ave. The deal was successfully negotiated by Robin Zendell from Robin Zendell & Associates, representing the tenants, while Vornado, the landlord, was represented in-house. This transaction not only represents a strategic move for the luxury brands but also showcases the resilience and adaptability of the New York office market.

Players

Robin Zendell

Broker

$5.2M

vol

5 deals

Broker
Vornado Realty Trust
Vornado Realty TrustBrokerage
Vornado Realty Trust
Vornado Realty TrustLandlord

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