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777 3rd Avenue

Steven Evans & Joseph Zalta Represent Sage Realty In Manhattan Office Lease Deal
LEASEDOffice

Steven Evans & Joseph Zalta Represent Sage Realty In Manhattan Office Lease Deal

777 3rd Avenue

$75

$75/SF

Building Size

7,378 SF

Asset Type

Office

Closing

Mar 4, 2024

AI

The property at 777 3rd Avenue in Manhattan has been leased in a transaction facilitated by Sage Realty. The office space, spanning 7,378 square feet, was leased under a Modified Gross Lease for a term of 7 years. The deal was brokered by Steven Evans and Joseph Zalta of Platinum Properties, with an asking rent of $75 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not provided
  • Address: 777 3rd Avenue
  • Market: Manhattan
  • Landlord: Sage Realty
  • Brokers: Steven Evans & Joseph Zalta - Platinum Properties
  • Lease Type: Modified Gross Lease
  • Lease Term: 7 Years
  • Asking Rent: $75/ft
  • Size: 7,378 SF

Steven Evans and Joseph Zalta, representing Platinum Properties, played a crucial role in finalizing the lease agreement for the office space at 777 3rd Avenue. This transaction underscores the expertise of the brokers and the strategic decision-making of Sage Realty in securing a long-term tenant for the property.

Players

Steven Evans

Platinum Commercial

Broker

$36.1M

vol

47 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

211506.67%

Cash-on-Cash

-60449.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93