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110 East 59th Street

Quest Partners Signs 11-Year Lease At 110 East 59th Street In Manhattan
LEASEDOffice

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

Munish Viralam

CBRE

Broker

3 deals

Broker

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

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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