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111 West 57th Street

Bonhams Leases 42,000 SF Office At Historic Steinway Hall In Manhattan From Apollo And JDS
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:

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

Adam Weinblatt

Newmark

Broker

6 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