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570 Lexington Avenue

Updated May 12, 2025

Sotheby’s Institute Of Art Renews 10-Year Lease At 570 Lexington Avenue In Midtown East
LEASEDSpecial Purpose

Sotheby’s Institute Of Art Renews 10-Year Lease At 570 Lexington Avenue In Midtown East

570 Lexington Avenue

$65

$65/SF

Building Size

19,436 SF

Asset Type

Special Purpose

Closing

Apr 8, 2025

About this deal

AI

The property asset involved in this transaction is located at 570 Lexington Avenue in Midtown East. It is classified as a special purpose asset, with an asking rent of $65 per square foot for a total area of 19,436 square feet.

Summary of transaction details:

Sotheby’s Institute of Art has renewed its lease for another 10 years at this location, having operated at 570 Lexington Avenue for 18 years. The representatives involved in the negotiations include Andrew Wiener, Timothy D. Parlante, and Kyle Young for the landlord, while Brad Needleman and Matthew Augarten represented the tenant.

On the Map

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$65

$65/SF

Special Purpose

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Players

Kyle Young

JLL

Broker

$38.2M

vol

17 deals

Broker
Jeffrey Feil

Jeffrey Feil

The Feil Organization

Landlord

$512.5M

vol

24 deals

Landlord
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New York Special Purpose Market Snapshot

Boundary boundary · Special Purpose · Lease transactions

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Deal FAQ

About $65 per square foot on a published $65 for 19,436 square feet (2025).

Visit Brad Needleman to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

244046.15%

Cash-on-Cash

-69749.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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