Montgomery Street Partners Leases Commercial Condo To CSC Coliving At 353 West 57th Street In Hell's Kitchen
353 West 57th Street, New York City, New York 10019, United States
Building Size
438,423 SF
Asset Type
Commercial
Closing
Jun 14, 2022
AI
The ground lease transaction at 353 West 57th Street in Hell's Kitchen has been finalized. The asset involved in the deal is a commercial condo.
Summary of transaction details:
- Property Type: Commercial Condo
- Transaction Amount: Not available
- Address: 353 West 57th Street
- Market: Hell's Kitchen
The tenant for this ground lease is CSC Coliving, while Montgomery Street Partners acts as the landlord. The lease terms for this transaction are for a duration of 99 years. The asking rent for the property is $390 per square foot, with a total square footage of 438,423.
NOTE: No additional information is provided regarding the transaction.
Players
New York Commercial Market Snapshot
Boundary boundary · Commercial · Lease 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