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450-460 Park Avenue South

Katherine Power Of Merit Beauty Leases Office Space At 450-460 Park Avenue South
LEASEDOffice

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:

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

Jeffrey Karp

Latitude Property Group

Broker

$302.7M

vol

10 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

264383.33%

Cash-on-Cash

-75561.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93