LEASEDOffice
Cerco Funding Signs $8.6M Ground Lease At 695 Lexington Avenue In Midtown East
695 Lexington Avenue
Building Size
102,917 SF
Asset Type
Office
Closing
Feb 19, 2025
About this deal
AI
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.
On the Map
Office
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Players
Cerco FundingTenant
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Deal FAQ
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