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115 East 57th Street, New Y...

The Moinian Group Leases Medical Office In New York With Tenant Northwell Health
LEASEDMedical Office

The Moinian Group Leases Medical Office In New York With Tenant Northwell Health

115 East 57th Street, New York City, New York 10022, United States

$70

$70/SF

Building Size

12,000 SF

Asset Type

Medical Office

Closing

Dec 14, 2022

AI

Northwell Health has signed a 10-year lease for a medical office space located at 115 East 57th Street in the New York market. The property, measuring 12,000 square feet, was leased from The Moinian Group, represented by Ted Koltis. The lease was facilitated by Paul Wexler, Josef Yadgarov, and Elliot Dennis of Wexler Healthcare Properties. The asking rent for the space was $70 per square foot.

Summary of transaction details

  • Property Type: Medical Office
  • Transaction Amount: Not specified
  • Address: 115 East 57th Street
  • Market: New York
  • Landlord: The Moinian Group - Ted Koltis
  • Tenant: Northwell Health
  • Brokers: Paul Wexler, Josef Yadgarov, and Elliot Dennis - Wexler Healthcare Properties
  • Asking Rent: $70/ft.
  • Lease Terms: 10-year lease

The leasing of this medical office space presents an opportunity for Northwell Health to establish a presence in an esteemed location. The deal was coordinated by the experienced team of Paul Wexler, Josef Yadgarov, and Elliot Dennis from Wexler Healthcare Properties, who successfully negotiated the terms on behalf of both the landlord, The Moinian Group, and the tenant, Northwell Health.

Players

Josef Yadgarov

The Corcoran Group

Broker

4 deals

Broker
The Moinian Group
The Moinian GroupBrokerage
The Moinian Group
The Moinian GroupLandlord

New York Medical Office Market Snapshot

Boundary boundary · Medical Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

226614.29%

Cash-on-Cash

-64767.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93