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7 Pennsylvania Plaza

Marcum Asia Signs 10-Year Lease For Office Space At 7 Penn Plaza In Midtown Manhattan
LEASEDOffice

Marcum Asia Signs 10-Year Lease For Office Space At 7 Penn Plaza In Midtown Manhattan

7 Pennsylvania Plaza

$65

$65/SF

Building Size

14,870 SF

Asset Type

Office

Closing

Nov 28, 2023

AI

Marcum Asia has signed a 10-year lease for 8,851 square feet at 7 Penn Plaza, located in Midtown Manhattan. This lease expands Marcum Asia's total square footage in the building to 14,870 square feet. The property is an office asset with an asking rent of $65 per square foot.

Summary of transaction details

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

The landlord of 7 Penn Plaza is Andrew Wiener and David Turino, represented by The Feil Organization. Marcum Asia, represented by Drew Bernstein, is the tenant in this lease transaction. The broker involved in the deal is Steve Kaplan from Norman Bobrow & Company.

Players

Steve Kaplan

Norman Bobrow & Company

Broker

2 deals

Broker
The Feil Organization
The Feil OrganizationBrokerage

Andrew Wiener

The Feil Organization

Landlord

33 deals

Landlord

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