LEASEDOffice
Hanover Park Leases 19,269 Square Feet At 387 Park Avenue South From TF Cornerstone
387 Park Avenue South
Building Size
19,269 SF
Asset Type
Office
Closing
Aug 12, 2026
AI
The property at 387 Park Avenue South is an office asset located in the NoMad market. It encompasses a total square footage of 19,269, with the lease covering the entire 10th floor of the building.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Landlord: Thomas Elghanayan & Frederick Elghanayan - TF Cornerstone
- Tenant: Hanover Park
- Broker: Ethan Silverstein - Cushman & Wakefield
- Lease Terms: 10-year lease
In this transaction, Hanover Park, an AI-driven fund administrator, is moving its headquarters to the specified address. This relocation marks a significant step for the company in establishing its new operational base.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93