Durst Organization Leases 51778 Square Feet To Rosenberg & Estis At 733 3rd Ave New York
733 3rd Ave, New York, NY, 10017
Building Size
51,778 SF
Asset Type
Office
Closing
Aug 22, 2018
About this deal
AI
The property involved in this transaction is located at 733 3rd Ave, New York, NY, 10017. It is situated in the New York market and encompasses a total area of 51,778 square feet, including a 2,099-square-foot terrace. The tenant, Rosenberg & Estis, signed a new 10-year lease for the entire 15th floor, which measures 16,456 square feet, while also renewing the space on the 12th and 14th floors.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Address: 733 3rd Ave, New York, NY, 10017
- Market: New York
- Landlord: Durst Organization
- Tenant: Rosenberg & Estis
- Landlord's Representative: Ashley Mays
The law firm, founded in 1975, relocated to this building in 1993. It was the second-largest real estate law firm in New York City last year, based on attorney count, employing 81 lawyers.
Players
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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