Knotel Leases 11940 Square Feet At 80 8th Ave New York With Landlord GFP Real Estate
80 8th Ave, New York, NY, 10011
Building Size
11,940 SF
Asset Type
Office
Closing
Sep 23, 2022
AI
80 Eighth Ave, located in New York, NY, is a 20-story building constructed in 1929, known as the Banker’s Trust Company Building. It features a neo-gothic architectural style and encompasses a total of 185,000 square feet of commercial space. The building has undergone renovations including a newly updated lobby that modernizes its appeal while retaining its authentic elements. The location is strategically positioned at the intersection of Chelsea, the Meatpacking District, and the West Village, within a block's distance from significant landmarks including Google’s New York Headquarters and Chelsea Market.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Address: 80 8th Ave, New York, NY, 10011
- Market: New York
- Tenant: Knotel
- Landlord: GFP Real Estate
- Tenant's Representative: Gregory DiGioia (Newmark Knight Frank)
- Landlord's Representative: Matthew Mandell
- Square Feet: 11,940
Matthew Mandell represented the landlord, GFP Real Estate, in securing this lease transaction. The property has seen multiple lease activities, with notable tenants including Whitman Insight Strategies, Center for an Urban Future, Justin C James D.O, and Rockline Corp., each represented by various brokers in their respective transactions. The building also offers convenient access to public transportation with nearby A, C, E, L, 1, 2, and 3 trains facilitating easy commutes for tenants and employees.
Players
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