Quest Partners Signs 11-Year Lease At 110 East 59th Street In Manhattan
110 East 59th Street
Building Size
13,284 SF
Asset Type
Office
Closing
Jun 14, 2024
AI
The office space at 110 East 59th Street in Manhattan's Plaza District spans 13,284 square feet. The lease, signed by Quest Partners, a quantitative hedge fund, has a duration of 11 years. The property is owned by Brett Greenberg & Fran Delgorio, representing Jack Resnick & Sons, while the tenant was facilitated by brokers Hugh McDonald & Munish Viralam from CBRE.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 110 East 59th Street
- Market: Manhattan
- Asset Type: Office
- Square Footage: 13,284
- Landlord: Brett Greenberg & Fran Delgorio - Jack Resnick & Sons
- Tenant: Quest Partners
- Brokers: Hugh McDonald & Munish Viralam - CBRE
- Lease Term: 11-year lease
The deal saw Quest Partners, led by brokers Hugh McDonald & Munish Viralam, secure a new office space at 110 East 59th Street, leaving Tower 56 for the Plaza District. Landlord Jack Resnick & Sons was represented in-house for this 11-year lease agreement.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
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