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.
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