Balbec Capital Leases 13,200 Sq. Ft. Office Space At 90 Park Avenue In Midtown Manhattan
90 Park Avenue
Building Size
13,200 SF
Asset Type
Office
Closing
Mar 7, 2025
About this deal
AI
The asset involved in this lease transaction is an office space located at 90 Park Avenue in Midtown Manhattan. This location encompasses 13,200 square feet, providing a significant upgrade from the previous space occupied by the tenant.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 90 Park Avenue
- Market: Midtown Manhattan
- Landlord: Steven Roth - Vornado Realty Trust
- Tenant: Charles Rusbasan - Balbec Capital
- Brokers: David Stockel & Neil King - CBRE
Balbec Capital has relocated its New York City office from a smaller 6,000 square feet space at 575 Fifth Avenue to the new 13,200 square feet location on the 22nd floor of Vornado’s property. This move marks a substantial increase in office space for the tenant, indicating a shift in their operational needs.
On the Map
Office
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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