Vornado Realty Trust Leases 18750 Square Feet At 731 Lexington Ave, New York
731 Lexington Ave, New York, NY, 100...
Building Size
18,750 SF
Asset Type
Office
Closing
May 16, 2018
AI
The property involved in this transaction is a lease located at 731 Lexington Ave, New York, NY. The asset includes a space of 18,750 square feet and is situated in the New York market.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Address: 731 Lexington Ave, New York, NY
- Square Feet: 18,750
- Landlord: Vornado Realty Trust
- Tenant: Aqua Restaurant Group
- Tenant's Representative: Michael Hirschfeld, Brian Hirschfeld, Paul Berkman & Davie Berke - JLL
Aqua Restaurant Group is a London-based firm planning to establish a dining concept similar to the Hutong restaurant in the former Le Cirque space. Notably, Vornado's chairman, Steve Roth, was personally involved in the negotiations for the lease, which was signed discreetly last year.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93