AZZI & CO. Leases 5,000 SF Office Space At 99 University Place, New York
99 University Place
$50
$50/SF
Building Size
5,000 SF
Asset Type
Office
Closing
Oct 1, 2023
AI
The leased property at 99 University Place, New York City is an office space measuring 5,000 square feet. It is classified as a Class B office and is part of Okada & Co.'s extensive commercial real estate portfolio in Midtown Manhattan. The property has been leased by AZZI & CO., with a lease type of Modified Gross Lease. The asking rent for the space is $50 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Lease
- Address: 99 University Place, New York City
- Market: New York City
- Tenant: AZZI AND CO.
- Landlord: Nassi Family
- Tenant's Rep: Jacob Wolkenfeld - Norman Bobrow
- Landlord's Rep: Christopher Okada, Alex Fleischman & Avery Reavill - Okada & Company
- Asking Rent: $50/ft
- SF: 5,000
- Lease Type: Modified Gross Lease
This transaction marks the 117th deal completed by Okada & Co. this year, totaling a leased office space of 574,304 square feet since 2021. The company's success can be attributed to its reputation as one of the most active players in the post-pandemic office market, with a focus on quick turnaround times, marketing expertise, and a broker-friendly approach. Brokers interested in their properties can find more information by emailing [email protected] or visiting www.okadaco.com.
NOTE FROM BROKER: Okada & Co. is delighted to announce the leasing of 5,000 SF at 99 University Place, to AZZI & CO!
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
317260.00%
Cash-on-Cash
-90673.88%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93