facebook

traded

+ Submit
Home

/

Deals

/

New York

/

Office

/

Lease

/

110 East 59th Street

Quest Partners Leases 13,284 SF Office In Midtown Manhattan With CBRE's Facilitation
LEASEDOffice

Quest Partners Leases 13,284 SF Office In Midtown Manhattan With CBRE's Facilitation

110 East 59th Street

Building Size

13,284 SF

Asset Type

Office

Closing

Jun 20, 2024

AI

Located at 110 East 59th Street in Midtown Manhattan, the office asset spans 13,284 square feet. The building, a 37-story structure, will soon be home to Quest Partners, an alternative asset management firm, who will be moving from their current location at 126 East 56th Street to occupy the entire 36th floor.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Landlord: Brett Greenberg & Fran Delgorio - Jack Resnick & Sons
  • Tenant: Quest Partners
  • Tenants' Representative: Hugh McDonald & Munish Viralam - CBRE
  • Landlord's Representative: Brett Greenberg & Fran Delgorio - Jack Resnick & Sons

CBRE's Hugh McDonald and Munish Viralam acted as the representatives for Quest Partners in securing the lease, while internally, Brett Greenberg and Fran Delgorio represented Jack Resnick & Sons. Quest Partners is set to start their occupancy of the new office space in the upcoming spring.

Players

Munish Viralam

CBRE

Broker

3 deals

Broker

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