Tax Advantage Advisors LLC Leases Office Space At 589 8th Avenue In Midtown Manhattan With Tower 39 Associates LLC - Neil Joffee As The Landlord
SOLD
$49
+ 1
New York
See Similar DealsOffice3,400 SF
Sold 11/30/2020
SOLD
Tax Advantage Advisors LLC Leases Office Space At 589 8th Avenue In Midtown Manhattan With Tower 39 Associates LLC - Neil Joffee As The Landlord
589 8th Avenue, Manhattan, New York, NY, USA
See Similar DealsOffice3,400 SF
Sold 11/30/2020
+ 1
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:3,400 SF
Transaction Type:Sale
The office property located at 589 8th Avenue in Midtown has recently been leased. The lease transaction took place on November 30, 2020. The asset type for this property is office space.
Summary of transaction details
- Property Type: Office
- Transaction Date: November 30, 2020
- Address: 589 8th Avenue
- Market: Midtown
The tenant for this lease is Tax Advantage Advisors LLC. The landlord, in this case, is Tower 39 Associates LLC, with Neil Joffee representing the landlord's interests. The leasing deal was facilitated by brokers John Akleh from Sido NYRE, William Akleh from Sido Atlex, and Marc Williams.
The asking rent for this office space was $49 per square foot, and the size of the leased space amounts to 3,400 square feet.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2.61
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$0.18
Cash-on-Cash Return-1.28%
Monthly Debt Service$0.23
Annual Debt Service$2.79
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