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605 3rd Ave, New York, NY, ...

The Permanent Mission Leases 19000 SF Office Space At 605 3rd Ave, New York
LEASEDOffice

The Permanent Mission Leases 19000 SF Office Space At 605 3rd Ave, New York

605 3rd Ave, New York, NY, 10158

Building Size

19,000 SF

Asset Type

Office

Closing

Dec 13, 2016

AI

Located at 605 3rd Ave in New York, NY, the office property spans 1.1 million square feet. The recent lease transaction involved two agreements, totaling 39,000 square feet. The Permanent Mission of Finland and the Consulate General of Finland in New York signed a 15-year lease for 19,000 square feet on the full 35th floor. Additionally, law firm Podell, Rothman, Schechter & Banfield renewed their lease for 20,000 square feet on the entire 18th floor, where they have been located since 1993.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not Applicable
  • Tenant: The Permanent Mission of Finland, Consulate General of Finland, Podell, Rothman, Schechter & Banfield
  • Square Feet: 39,000 (Total), 19,000 (Finland lease), 20,000 (Podell, Rothman, Schechter & Banfield lease)
  • Landlord's Rep: Mikael Nahmias
  • Tenant's Rep: Savills Studley's Michael Goldman, Brad Wolk
  • Brokers: Marc Packman, Clark Briffel, Bruce Mosler, Michael Baraldi

Fisher Brothers, the landlord, was represented by in-house agents Marc Packman and Clark Briffel, in addition to Cushman & Wakefield's Bruce Mosler and Michael Baraldi. The Finnish organizations were represented by Michael Goldman and Brad Wolk from Savills Studley. Packman specifically represented Fisher in the lease renewal with Podell, Rothman, Schechter & Banfield. The representative for Podell, Rothman, Schechter & Banfield was not disclosed in the deal.

Players

Mikael Nahmias

Broker

1 deal

Broker

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