PowerPoint Presentation
620 Eighth Avenue - P28 Remaining Obligation
Seyfarth Shaw | New York
Analysis Detail (Lessee Perspective)
Printed: May 1, 2020 at 6:43 PM
Key Assumptions
1X Costs Hard Construction Soft Costs
Analysis is truncated to Feb. 29, 2024 for common term comparison purposes. Electric is estimated based on electric rent inclusion clause in lease.
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Analysis Period Lease Type
Analysis Term 3 Yrs, 9 Mos
Discount Rate 7.00%/Yr.
Jun. 1, 2020 - Feb. 29, 2024
OpEx Base ReTax Base
Direct
N/A
0.000% Pro Rata
FF&E IT & Security Moving
Total Rentable Area Lease Commencement Lease Expiration Analysis Truncation Rent Schedule Initial Free Rent: Lease Term
1,650 SF
$8.73/SF Omitted
0.234% Pro Rata 2007
ERI
Jun. 1, 2020 3 Yrs, 9 Mos Feb. 29, 2024 Feb. 29, 2024
No Mark-Up
Fixed Annual Increase
None None
TI Allowance
Commissions (1.5X)
$0.00/SF
$0K
Start
End
$/SF/Year
$/Year
Total
None
Tranche 1: Tranche 2: Tranche 3: Tranche 4: Tranche 5: Tranche 8:
$52.64/SF $57.90/SF
27 Mos. (1 - 27) 18 Mos. (28 - 45)
Jun. 1, 2020 Aug. 31, 2022 Sep. 1, 2022 Feb. 29, 2024
$0.1M $0.1M
Direct Expenses
+10.0%
BID Tax
$0.36/SF
$1K
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Total
$0.36/SF
$1K
Expense Projections 3.50%/Yr.
2020
2021
2022
2023
2024
2025
2026
2027
Operating Expense Real Estate Tax
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11.44
11.72
12.01
12.31
12.62
12.93
13.26
13.59
3.50%/Yr. FMV Increase 0.00%/Yr. 3.50%/Yr.
ERI
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Direct Expenses
0.36
0.37
0.38
0.39
0.41
0.42
0.44
0.45
Cash Flow | $/SF
7 Mos 2020
12 Mos
12 Mos
12 Mos
2 Mos 2024
45 Mos
2021
2022
2023
2025
2026
2027
Total
NPV @ 7.0% Annuity
Base Rent Free Rent
30.71
52.64
54.39
57.90
9.65
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205.29
180.61
54.58
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2
Operating Expense Real Estate Tax
3
1.64
2.99
3.28
3.58
0.62
12.12
10.62
3.21
$8.73/SF, 2007 Base
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5 Gross Rent SubTotal Commercial Rent Tax 6
$32.34
$55.63
$57.68
$61.48
$10.27
$217.41
$191.22
$57.79
1.26
2.17
2.25
2.40
0.40
8.48
7.46
2.25
No Mark-Up 3.90% of the Gross Rent
ERI
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7
Direct Expenses
0.21
0.37
0.38
0.39
0.07
1.42
1.25
0.38
8
9 Additional Cost SubTotal
$1.47 $33.81 $57.96
$2.54 $58.17 $58.17
$2.63 $60.31 $60.31
$2.79 $64.28 $64.28
$0.47 $10.74 $64.45
$9.90
$8.70
$2.63 $60.42
10 Total | $/SF
$227.31
$199.93
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Annualized Cost (Omitting 1X Costs)
Cash Flow | $M
7 Mos 2020
12 Mos
12 Mos
12 Mos
2 Mos 2024
45 Mos
2021
2022
2023
2025
2026
2027
Total
NPV @ 7.0% Annuity
0.1M
0.1M
0.1M
0.1M
0.0M
0.3M
0.3M
0.1M
Base Rent Free Rent
11
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12
Operating Expense Real Estate Tax
13
0.0M
0.0M
0.0M
0.0M
0.0M
0.0M
0.0M
0.0M
14
15 Gross Rent SubTotal Commercial Rent Tax 16
$0.1M 0.0M
$0.1M 0.0M
$0.1M 0.0M
$0.1M 0.0M
$0.0M 0.0M
$0.4M 0.0M
$0.3M 0.0M
$0.1M 0.0M
ERI
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17
0.0M
0.0M
0.0M
0.0M
0.0M
0.0M
0.0M
0.0M
Direct Expenses
18
19 Additional Cost SubTotal
$0.0M $0.1M
$0.0M $0.1M
$0.0M $0.1M
$0.0M $0.1M
$0.0M $0.0M
$0.0M $0.4M
$0.0M $0.3M
$0.0M $0.1M
20 Total | $M
Annualized Cost (Omitting 1X Costs)
$0.1M
$0.1M
$0.1M
$0.1M
$0.1M
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Strategic Advisory Group © 2020 Cushman & Wakefield
All information furnished is from sources deemed reliable. No warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change in price, rental or other conditions, prior sale, lease, or financing or withdrawal without notice.
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