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731 Lexington Ave, New York...

Vornado Realty Trust Leases 18750 Square Feet At 731 Lexington Ave, New York
LEASEDOffice

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:

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

Davie Berke

JLL

Broker

7 deals

Broker
Vornado Realty Trust
Vornado Realty TrustLandlord

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