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620 6th Avenue

SEIU Local 32BJ Leases 20,778 Square Feet At 620 6th Avenue In Midtown Manhattan
LEASEDOffice

SEIU Local 32BJ Leases 20,778 Square Feet At 620 6th Avenue In Midtown Manhattan

620 6th Avenue

Building Size

20,778 SF

Asset Type

Office

Closing

Oct 8, 2024

AI

The property asset involved in this transaction is an office space located at 620 6th Avenue in Midtown Manhattan. The lease comprises a total of 20,778 square feet situated on the ground floor, accommodating the operational needs of the tenant.

Summary of transaction details:

In this transaction, labor union SEIU Local 32BJ entered into a lease agreement with landlord RXR. Mark Weiss represented the tenant during the negotiation process, while Daniel Birney acted on behalf of the landlord, ensuring that both parties were adequately represented in the agreement.

Players

Mark Weiss

Cushman & Wakefield

Broker

$264.6M

vol

16 deals

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