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60 Bay Street

Legal Aid Society Expands Lease To 29,467 Sq. Ft. At 60 Bay Street Staten Island
LEASEDOffice

Legal Aid Society Expands Lease To 29,467 Sq. Ft. At 60 Bay Street Staten Island

60 Bay Street

Building Size

29,467 SF

Asset Type

Office

Closing

Mar 13, 2025

AI

The property asset involved in this transaction is located at 60 Bay Street in Staten Island, comprising a total square footage of 29,467. The asset is classified as an office space, highlighting its utility for business operations in the local market.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Lease Term: 15-year renewal & expansion
  • Landlord: Jason Muss - Muss Development
  • Tenant: Twyla Carter - Legal Aid Society
  • Landlord's Representative: Bill Bergman - Muss Development
  • Tenant's Representatives: Christopher W. Mansfield, Craig Reicher, Greg Maurer-Hollaender & Julia Passante - CBRE

This lease transaction enables the Legal Aid Society to enhance its capacity to deliver legal services, concurrently with nonprofit CFR signing a separate 10-year lease for 6,156 sq. ft. in the same building, indicating a strategic move in the local nonprofit sector.

Players

Christopher W. Mansfield

CBRE

Broker

14 deals

Broker
Muss Development
Muss DevelopmentLandlord

Staten Island 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