Vivek Ganapathy Ramaswamy Of Roivant Sciences Signs 15-Year Lease At Midtown Condo For $140/sf
151 West 42nd Street
$140
$140/SF
Building Size
55,000 SF
Asset Type
Condo
Closing
Oct 1, 2024
AI
The transaction involves a condo situated at 151 West 42nd Street in Midtown Manhattan. The property features a total square footage of 55,000 and has an asking rent of $140 per square foot. The lease is structured as a 15-year agreement, allowing for long-term occupancy in this prime market location.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $140/ft
- Lease Term: 15-year lease
- Size: 55,000 SF
- Landlord: Steven Roth - Vornado
- Tenant: Vivek Ganapathy Ramaswamy - Roivant Sciences
- Brokers: Josh Friedman & Neil Goldmacher - Newmark
Roivant Sciences, led by former Republican presidential candidate Vivek Ganapathy Ramaswamy, is relocating into the newly leased duplex penthouse at Penn 1, which is part of a building that has undergone significant upgrades, backed by a $450 million investment from Vornado Realty Trust. The deal was facilitated by brokers Josh Friedman and Neil Goldmacher from Newmark, representing the interests of the landlord.
Players
New York Condo Market Snapshot
Boundary boundary · Condo · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
113307.14%
Cash-on-Cash
-32383.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93