Brunello Cucinelli Expands Office Lease At 689 Fifth Avenue In Midtown Manhattan For 51,000 SF
689 5th Avenue
$105
$105/SF
Building Size
51,000 SF
Asset Type
Office
Closing
May 8, 2025
About this deal
AI
The property at 689 5th Avenue is located in Midtown Manhattan and functions as an office space. It encompasses a total of 51,000 square feet with an asking rent of $105 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 689 5th Avenue
- Market: Midtown Manhattan
- Landlord: Steven Roth - Vornado Realty Trust
- Tenant: Brunello Cucinelli
- Landlord's Representative: Alexandra Bedell - Vornado Realty Trust
- Tenant's Representative: Joseph Fabrizi - CBRE
- Lease Renewal Through: 2025
Brunello Cucinelli has expanded its footprint at the property by renewing its lease and taking over the building’s fourth floor regarding its existing space. The involvement of Alexandra Bedell and Joseph Fabrizi highlights the roles of representatives from Vornado Realty Trust and CBRE, respectively, in facilitating this transaction.
On the Map
$105
$105/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
151076.19%
Cash-on-Cash
-43178.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93