LEASEDOffice
Bonhams Leases 42,000 SF Office At Historic Steinway Hall In Manhattan From Apollo And JDS
111 West 57th Street
Building Size
42,000 SF
Asset Type
Office
Closing
Sep 11, 2024
AI
The property involved in this transaction is located at 111 West 57th Street in Manhattan. It features 42,000 square feet of office space and is in the notable area known as Billionaires Row.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 111 West 57th Street
- Market: Manhattan
- Landlord: Apollo Commercial Real Estate Finance, JDS Development & Property Markets Group
- Tenant: Bonhams
- Landlord's Representatives: Adam Weinblatt, Jackie Totolo, Pierce Thompson & Robert Cohen - Newmark
- Tenant's Representatives: Jennifer Konefsky & Kenji Ota - Cushman & Wakefield
Bonhams, a 200-year-old auction house, is expanding its space by 30% as it relocates its Manhattan headquarters to the historic Steinway Hall at 111 W. 57th St.
Players
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