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
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