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
About this deal
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.
On the Map
$65
$65/SF
Office
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Players
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