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991 Third Avenue is located on the northeast corner of 59th Street and Third Avenue, directly across from Bloomingdale's the famous Department Store. In 2006, the property was triple net leased to Capital One Bank until 2031. Capital One Bank demolished the existing structure and constructed a three-level glass and steel building which became their Manhattan flagship branch. The current monthly rent is $70,667 through March 2012 which equates to approximately $186.00 per square foot. Rent escalations occur every three years at 6% increases. The tenant has a one time 10-year renewal option at the greater of $116,882 per month or Fair Market Value. Fair Market Value is to be negotiated based on comparable buildings or retail space within the area. The property currently has a $12,000,000 mortgage with Morgan Stanley Mortgage Capital that is assumable for a 1% assumption fee provided that the purchaser meets certain lender requirements. The interest rate is fixed at 5.64% (interest only) and matures on 1/1/2017.

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Neighborhoods: Midtown East