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552 7th Avenue

Squarena Inc Leases 2,500 SF Office Space At 552 7th Avenue In Midtown South With Landlord Albert Malekan
LEASEDRetail

Squarena Inc Leases 2,500 SF Office Space At 552 7th Avenue In Midtown South With Landlord Albert Malekan

552 7th Avenue

$40

$40/SF

Building Size

5,700 SF

Asset Type

Retail

Closing

Oct 22, 2023

AI

The office space located at 552 7th Avenue in Midtown South has been leased out in a double net lease transaction. The property, spanning 2,500 square feet, was leased by Squarena Inc from Albert Malekan. The lease was facilitated by Michael Gammal from Swift Retail Advisors. The asking rent for the space was $40 per square foot.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 552 7th Avenue
  • Market: Midtown South

Michael Gammal, representing Swift Retail Advisors, played a pivotal role as the broker in this deal, assisting both Albert Malekan, the landlord, and Squarena Inc, the tenant, in finalizing the lease agreement for the office space at 552 7th Avenue.

Players

Michael Gammal

Swift Real Estate Advisors

Broker

$1.6M

vol

17 deals

Broker

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

396575.00%

Cash-on-Cash

-113342.35%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93