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919 3rd Avenue

Michael Bloomberg Expands Lease At SL Green Realty's 919 Third Avenue To 924,876 Square Feet
LEASEDOffice

Michael Bloomberg Expands Lease At SL Green Realty's 919 Third Avenue To 924,876 Square Feet

919 3rd Avenue

Building Size

924,876 SF

Asset Type

Office

Closing

Oct 16, 2024

AI

The asset involved in this transaction is an office space located at 919 3rd Avenue in Midtown East, measuring 924,876 square feet. The landlord for this property is SL Green Realty.

Summary of transaction details:

The deal includes an 11-year lease renewal and expansion for Bloomberg, set to begin in 2029. This follows a similar transaction where Bloomberg renewed an 11-year lease for 946,815 square feet at 731 Lexington Avenue in May.

Players

Christopher W. Mansfield

CBRE

Broker

14 deals

Broker

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