Kent Swig's Helmsley Spear Signs Long-Term Sublease At 747 3rd Avenue In Midtown Manhattan
747 3rd Avenue
Building Size
15,100 SF
Asset Type
Office
Closing
Sep 18, 2024
About this deal
AI
The property involved in this transaction is an office space located at 747 3rd Avenue in Midtown Manhattan. The asset encompasses 15,100 square feet and is part of the commercial real estate market in that area.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 747 3rd Avenue
- Market: Midtown Manhattan
- Landlord: ITN Holdings/Sage Realty
- Tenant: Kent Swig - Helmsley Spear
- Lease Type: Sublease
- Landlord's Representatives: Daniel Horowitz, Jacob Stern, Jeffrey Peck, Roi Shleifer, Simon Chu & Yoni Bettinger - Savills
- Tenant's Representatives: Eric Lassoff & Randy Sherman - Helmsley Spear
This transaction marks the relocation of Kent Swig's Helmsley Spear, which has signed a long-term sublease for the entire 11th floor of the building, moving from a previous location at 444 Madison Avenue and expanding in the process.
On the Map
Office
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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