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7 Pennsylvania Plaza

Mulligan Security Signs 12-Year Lease For 24,788 SF Office Space At 7 Penn Plaza
LEASEDOffice

Mulligan Security Signs 12-Year Lease For 24,788 SF Office Space At 7 Penn Plaza

7 Pennsylvania Plaza

$65

$65/SF

Building Size

24,788 SF

Asset Type

Office

Closing

Jan 16, 2024

AI

The Feil Organization, represented by Andrew Wiener, David Turino, and Henry Korzec, leased the entire second floor of 7 Penn Plaza in Midtown Manhattan to Mulligan Security. The 24,788-square-foot office space was leased for a 12-year term at an asking rent of $65 per square foot. Mulligan Security will be relocating from the 17th floor, nearly tripling its footprint in the building.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Lease
  • Address: 7 Pennsylvania Plaza
  • Market: Midtown Manhattan

CBRE brokers, David Hollander and David Katz, represented both parties in the lease transaction, facilitating the deal between the Feil Organization and Mulligan Security.

Players

David Hollander

CBRE

Broker

12 deals

Broker
Andrew Wiener

Andrew Wiener

The Feil Organization

Landlord

33 deals

Landlord
The Feil Organization
The Feil OrganizationLandlord

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

244046.15%

Cash-on-Cash

-69749.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93