Cerco Funding Signs $8.6M Ground Lease At 695 Lexington Avenue In Midtown East

695 Lexington Avenue, located in Midtown East, Manhattan, is an office asset comprising 102,917 square feet. The ground lease for this property was valued at $8,600,000.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $8,600,000
• Address: 695 Lexington Avenue
• Market: Midtown East, Manhattan
• Landlord: Richard T. Halpern - Silk & Halpern Realty Associates
• Tenant: Peter F. Cervink - Cerco Funding
• Lease Type: Ground Lease

Cerco Funding, represented by Peter F. Cervink, signed the ground lease through Lex57 LLC, effectively taking over after a prior lessee defaulted.