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7 Times Sq

KnitWell Group Signs 20-Year Lease For 246,000 Square Feet At 7 Times Square
Retail

KnitWell Group Signs 20-Year Lease For 246,000 Square Feet At 7 Times Square

7 Times Sq

Building Size

246,000 SF

Asset Type

Retail

Closing

Jan 14, 2025

AI

The property asset involved in this transaction is located at 7 Times Square in Midtown Manhattan. It is an office space encompassing 246,000 square feet. The lease was signed for a duration of 20 years.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 7 Times Sq
  • Market: Midtown Manhattan
  • Asset Size: 246,000 SF
  • Landlord: Owen D. Thomas - Boston Properties
  • Tenant: Lizanne Kindler - KnitWell Group
  • Broker: Eric Deutsch & Ken Meyerson - CBRE
  • Lease Term: 20-year lease

KnitWell Group, the parent company of brands like Ann Taylor and LOFT, signed the lease to expand its presence, increasing its office space by 55,000 square feet at this location.

Players

Eric Deutsch

CBRE

Broker

7 deals

Broker

New York Retail Market Snapshot

Boundary boundary · Retail · All transaction types 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