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950 3rd Ave, New York, NY 1...

Ninth Wave Signs 3-Year Lease For Office Space At 950 Third Avenue In New York
LEASEDOffice

Ninth Wave Signs 3-Year Lease For Office Space At 950 Third Avenue In New York

950 3rd Ave, New York, NY 10022, United States

$65

$65/SF

Building Size

5,431 SF

Asset Type

Office

Closing

Jun 15, 2023

AI

The software firm Ninth Wave has signed a three-year lease for 5,431 square feet on the 25th floor of 950 Third Avenue in Midtown, New York. The lease was brokered by Newmark's William Grover, Jared Horowitz, and Josh Gosin. Ninth Wave will be relocating from their temporary WeWork space at 85 Broad Street.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 950 Third Avenue
  • Market: New York
  • Landlord: Naomi & Andre Altholz
  • Tenant: Ninth Wave
  • Broker: William Grover, Jared Horowitz & Josh Gosin - Newmark
  • Asking Rent: $65/ft.
  • Lease Term: 3 years

The move to 950 Third Avenue offers Ninth Wave a permanent office space after their time at WeWork. The 25th floor will provide the software firm with 5,431 square feet to accommodate their operations. The lease agreement was facilitated by Newmark's William Grover, Jared Horowitz, and Josh Gosin, who represented Ninth Wave in the deal.

Players

William Grover

Newmark

Broker

$15.6M

vol

11 deals

Broker

Naomi Altholz

Landlord

2 deals

Landlord

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

244046.15%

Cash-on-Cash

-69749.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93