Verizon Signs 49-Year Ground Lease At 620 12th Avenue In Hell's Kitchen
620 12th Avenue, New York City, New York 10036, United States
Building Size
144,000 SF
Asset Type
Office
Closing
Jun 27, 2022
About this deal
AI
The ground lease for the office property at 620 12th Avenue in Hell’s Kitchen has been finalized. The property is owned by Edison Properties and the tenant is Verizon. The lease terms have been set for 49 years.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: N/A
- Address: 620 12th Avenue
- Market: Hell’s Kitchen
Jon Dario captured an image of the property for reference. The image can be found here. The property spans approximately 102,800 square feet, and the asking rent is $486 per square foot.
Note: No additional details are available at the moment.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Deal FAQ
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