Drury Design Leases Office Space In Flatiron District For $53/ft
49 West 23rd Street
$53
$53/SF
Building Size
5,594 SF
Asset Type
Commercial
Closing
May 7, 2024
AI
Located at 49 West 23rd Street in Manhattan's Flatiron District, the commercial property leased by Drury Design spans 5,594 square feet with an asking rent of approximately $53 per square foot.
Summary of transaction details:
- Property Type: Commercial
- Transaction Amount: Not Applicable
- Landlord: 23 R.P. Associates
- Tenant: Drury Design
- Landlord's Representative: Bradley Cohn & Jeffrey (Jeff) Buslik - Adams & Company
- Tenant's Representative: Catherine Vilar & Mark Furst - Kaufman Organization
- Address: 49 West 23rd Street
- Market: Flatiron District, Manhattan
- Asking Rent: $53/ft
Bradley Cohn and Jeffrey Buslik of Adams & Company served as the landlord's representatives in the deal, while Catherine Vilar and Mark Furst from the Kaufman Organization represented Drury Design. The transaction involved securing space for Drury Design, a communications firm, within the bustling Flatiron District of Manhattan.
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
299301.89%
Cash-on-Cash
-85541.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93