Sterling West's James Nicholson Leases 4000 SF Office To Artus Physical Therapy For 10 Years
117 West 72nd Street
$198,000
$198,000/SF
Building Size
4,000 SF
Asset Type
Office
Closing
May 19, 2025
AI
The property asset involved in the transaction is an office space located at 117 West 72nd Street in the Upper West Side market. The asking rent for the space was set at $49.5 per square foot, spanning a total area of 4,000 square feet. The lease term agreed upon was 10 years, structured as a Modified Gross Lease.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $49.5/ft
- Lease Term: 10 years
- Lease Type: Modified Gross Lease
- Landlord: Sterling West - James Nicholson
- Tenant: Artus Physical Therapy
- Brokers: Neil Zaken & Kevin Loh - Compass
The Zaken Team successfully executed the lease in under 60 days, representing the landlord in the transaction. Landlords or owners needing leasing services for their commercial spaces are encouraged to reach out for assistance.
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
80.12%
Cash-on-Cash
-22.90%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93