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622 3rd Avenue

TemPositions Leases 19,317 SF Office Space At 622 3rd Avenue In Midtown Manhattan
LEASEDOffice

TemPositions Leases 19,317 SF Office Space At 622 3rd Avenue In Midtown Manhattan

622 3rd Avenue

$70

$70/SF

Building Size

19,317 SF

Asset Type

Office

Closing

Jun 13, 2024

AI

The office asset located at 622 3rd Avenue in Midtown Manhattan has been leased to TemPositions, a temporary employment agency, for 19,317 square feet. The deal was facilitated by Marc Horowitz of Cohen Brothers Realty as the landlord and Matthew Leon of Newmark as the broker representing TemPositions. The asking rent for the space was $70 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 622 3rd Avenue
  • Market: Midtown Manhattan
  • Landlord: Marc Horowitz - Cohen Brothers Realty
  • Tenant: TemPositions
  • Broker: Matthew Leon - Newmark
  • Asking Rent: $70/ft
  • SF: 19,317

TemPositions, a temporary employment agency, successfully secured a 10-year lease for the 19,317 square feet space at 622 Third Avenue in Midtown Manhattan, following a sublease arrangement in the building. This lease agreement marks a significant real estate transaction in the commercial office market, consolidating TemPositions' presence in the bustling area of Midtown.

Players

Matthew Leon

Newmark

Broker

4 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

226614.29%

Cash-on-Cash

-64767.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93