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660 5th Avenue

Scotiabank Leases 205000 SF Office Space At 660 Fifth Avenue In Midtown Manhattan
LEASEDOffice

Scotiabank Leases 205000 SF Office Space At 660 Fifth Avenue In Midtown Manhattan

660 5th Avenue

Building Size

205,000 SF

Asset Type

Office

Closing

Sep 16, 2025

AI

The asset involved in this transaction is an office space located at 660 5th Avenue in Midtown Manhattan, encompassing a total area of 205,000 square feet.

Summary of transation details:

Scotiabank is set to relocate its New York office from 250 Vesey Street to the newly acquired space at 660 Fifth Avenue, which spans three floors within the building.

Players

Cara Chayet

CBRE

Broker

6 deals

Broker
Brookfield Properties
Brookfield PropertiesBrokerage
CBRE
CBREBrokerage
Brookfield Properties
Brookfield PropertiesLandlord
Scotiabank
Scotiabank Tenant

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