Katherine Power Of Merit Beauty Leases Office Space At 450-460 Park Avenue South
450-460 Park Avenue South
$60
$60/SF
Building Size
8,000 SF
Asset Type
Office
Closing
May 15, 2024
AI
The property involved in this transaction is an office space located at 450-460 Park Avenue South in Manhattan. The asking rent for this space is $60 per square foot, covering a total area of 8,000 square feet. The lease type is a Modified Gross Lease.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $60/ft
- Address: 450-460 Park Avenue South
- Market: Manhattan
- Landlord: Joseph Moinian
- Tenant: Katherine Power - Merit Beauty
- Landlord's Representative: Jared London & Timothy Freydberg - CBRE
- Tenant's Representative: Jeffrey Karp - Latitude Property Group
This transaction involved key individuals such as Katherine Power, representing Merit Beauty, who will occupy the space. The landlord, Joseph Moinian, was represented by Jared London and Timothy Freydberg from CBRE, while Jeffrey Karp from Latitude Property Group represented the tenant in the negotiations.
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
264383.33%
Cash-on-Cash
-75561.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93