Adamantium Services Inc. Leases Office Space In Midtown Manhattan - 11 West 36th Street
11 West 36th Street, Manhattan, New York, NY, USA
Building Size
2,500 SF
Asset Type
Office
Closing
Oct 28, 2020
About this deal
AI
The lease for a midtown office space located at 11 West 36th Street has been finalized. The tenant, Adamantium Services Inc., will be occupying the 2,500 square feet property. The landlord, Eternal Sino - Bao Mei Wu, agreed on an asking rent of $32 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: N/A
- Address: 11 West 36th Street
- Market: Midtown
Brokers Chris Okada and Hiro Iwata, from Okada Co, played a key role in facilitating the deal between Adamantium Services Inc. and Eternal Sino - Bao Mei Wu. They were able to negotiate a lease agreement in a market where Manhattan office rents are down and vacancies are up. Despite the challenges faced by the Manhattan office market, this deal demonstrates that opportunities still exist for businesses willing to meet the market conditions.
Note from Chris Okada: I wanted to share this deal to highlight that despite the uncertain future of the Manhattan office market, deals like this are still happening. It's important for us to understand that the market may be tough, but there are still opportunities for businesses to find suitable office spaces in the city. As a New York City real estate hustlaa, I'm committed to making these deals happen.
Players
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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