Colin Hunt Leases 11,054 SF Office At Durst Organization's 825 3rd Avenue
825 3rd Avenue
Building Size
11,054 SF
Asset Type
Office
Closing
Jun 11, 2024
AI
The property at 825 3rd Avenue in Midtown East, comprising an office space of 11,054 square feet, was part of a lease transaction. The space was leased by Allied Irish Banks (AIB) from the Durst Organization, with an asking rent ranging between $86 and $98 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 825 3rd Avenue
- Market: Midtown East
- Landlord: Tom Bow, Ashlea Aaron, Sayo Kamara & Bailey Caliban - Durst Organization
- Tenant: Colin Hunt - Allied Irish Banks
- Broker: Matthew McBride - CBRE
Allied Irish Banks (AIB), represented by Colin Hunt, chose to relocate its New York City headquarters to 825 Third Avenue, facilitated by the broker Matthew McBride from CBRE, in a 10-year lease deal. The move signifies a strategic decision by AIB to transition its operations to a new location within the bustling Midtown East market.
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