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
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