FedEx Office Leases Retail Space At 477 Madison Avenue In Midtown Manhattan
477 MADISON AVENUE, New York, NY 10022
Building Size
2,500 SF
Asset Type
Retail
Closing
Apr 24, 2022
About this deal
AI
The retail property located at 477 Madison Avenue in Midtown has recently been leased. The lease was secured by FedEx Office, with the deal finalized on 04/25/2022. The property is owned by RFR Realty and was represented by Brandon Singer, Michael Cody, and Sara Armet of Retail By MONA. Josh Strauss and Scott Zinovoy of Newmark acted as the tenant's representatives in the transaction. The asking rent for the 2,500 square feet space was $250 per square foot.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: N/A
- Address: 477 Madison Avenue
- Market: Midtown
The lease transaction for the retail property at 477 Madison Avenue involved several key individuals and companies. The landlord, RFR Realty, entrusted the representation of the property to Brandon Singer, Michael Cody, and Sara Armet of Retail By MONA. On the tenant's side, FedEx Office was represented by Josh Strauss and Scott Zinovoy of Newmark. The deal was finalized at an asking rent of $250 per square foot, with a total space of 2,500 square feet.
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Retail
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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