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747 3rd Avenue

Kent Swig's Helmsley Spear Signs Long-Term Sublease At 747 3rd Avenue In Midtown Manhattan
LEASEDOffice

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

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:

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.

Players

Roi Shleifer

Savills

Broker

5 deals

Broker

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