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Cerco Funding Signs $8.6M Ground Lease At 695 Lexington Avenue In Midtown East
LEASED
New York
See Similar DealsOffice102,917 SF
Leased 02/19/2025
LEASED
Cerco Funding Signs $8.6M Ground Lease At 695 Lexington Avenue In Midtown East
695 Lexington Avenue
See Similar DealsOffice102,917 SF
Leased 02/19/2025
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:102,917 SF
Transaction Type:Lease
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.
Details
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Deal Type
NNN (Triple Net)
Effective Rent (Annual)
$5,899,140.34
Total Lease Value
$58,991,403.35
Net Landlord Cash Flow$5,899,140.34
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