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787 11th Ave, New York, NY,...

Icahn School Of Medicine At Mount Sinai Leases 165,000 Sq Ft Office In New York
LEASEDOffice

Icahn School Of Medicine At Mount Sinai Leases 165,000 Sq Ft Office In New York

787 11th Ave, New York, NY, 10019

Building Size

165,000 SF

Asset Type

Office

Closing

Mar 4, 2021

AI

The property at 787 11th Ave, New York, NY, 10019, in the New York market, is an office space spanning 165,000 square feet. The lease transaction was finalized on 03/04/2021, with The Georgetown Co as the landlord and Icahn School of Medicine at Mount Sinai as the tenant. Robert Martinez of Rockstar Capital represented the tenant, while Peter Riguardi and Steven Rotter of JLL represented the landlord.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not Applicable
  • Tenants' Rep: Robert Martinez (Rockstar Capital)
  • Landlords' Rep: Peter Riguardi (JLL), Steven Rotter (JLL)
  • Tenant: Icahn School of Medicine at Mount Sinai
  • Landlord: The Georgetown Co

Notable figures involved in the lease deal at 787 11th Ave include Robert Martinez from Rockstar Capital serving as the tenant's representative. On the landlord's side, the representation was handled by Peter Riguardi and Steven Rotter, both from JLL. The choice of The Georgetown Co as the landlord and the Icahn School of Medicine at Mount Sinai as the tenant underscores the strategic importance of this transaction in the New York office market.

Players

Peter Riguardi

JLL

Broker

$38.2M

vol

17 deals

Broker
TC
The Georgetown CoLandlord

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