Vornado Realty Trust Leases 6000 Square Feet To Lenox Advisors At 90 Park Ave New York
90 Park Ave, New York, NY, 10016
Building Size
6,000 SF
Asset Type
Office
Closing
Apr 22, 2019
AI
The property involved in this transaction is located at 90 Park Avenue, New York, NY, 10016, within the New York market. The space encompasses 6,000 square feet situated on the 17th floor of the building. The lease involves a significant move for the tenant, Lenox Advisors, which is transitioning from its previous location at 530 Fifth Avenue. The property is owned by Vornado Realty Trust and features a recent renovation valued at $80 million.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not specified
- Tenant: Lenox Advisors
- Landlord: Vornado Realty Trust
- Landlord's Representative: Andrew Ackerman (RXR Realty)
- Address: 90 Park Ave, New York, NY, 10016
- Square Feet: 6,000
MassMutual’s sales office is part of this relocation, with Lenox Advisors being a wealth management firm that sells MassMutual products. The companies plan to complete their move to the new space by the end of next year.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
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