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
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