AFP Properties Leases 11,588 SF Office Space To Worthy In Midtown Manhattan
25 West 45th Street
Building Size
11,588 SF
Asset Type
Retail
Closing
Feb 7, 2024
AI
A significant lease agreement has been secured at 25 West 45th Street in New York City. The property is an office space spanning 11,588 square feet. The landlord, Fabrice Fries of AFP Properties, has entered into this lease agreement with online jewelry auctioneer Worthy.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not available
- Address: 25 West 45th Street
- Market: Midtown Manhattan
- Size: 11,588 SF
Playing a significant role in this transaction, the landlord's representatives were John Ryan and Joshua Goldman from Avison Young. On the other hand, Sean Hoffman from Cushman & Wakefield served as the tenant's representative for Worthy.
Players
New York Retail Market Snapshot
Boundary boundary · Retail · 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