Silverstein Properties Leases 109,000 SF Office Space At 120 Broadway To Housing Development Corporation
120 Broadway, New York City, New York 10005, United States
Building Size
109,000 SF
Asset Type
Office
Closing
Aug 14, 2022
AI
Silverstein Properties has leased out an office space located at 120 Broadway in New York. The property, spanning 109,000 square feet, was leased to Housing Development Corporation. The deal was facilitated by Newmark, with brokers Joseph Artusa, Keith Cody, Harlan Strader, Erik Harris, Scott Klau, Brian Waterman, Lance Korman, and Kevin Sullivan representing both parties. The lease was agreed upon at an asking rent of $60 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: N/A
- Address: 120 Broadway, New York
- Tenant: Housing Development Corporation
- Landlord: Silverstein Properties
- Brokers: Joseph Artusa, Keith Cody, Harlan Strader, Erik Harris, Scott Klau, Brian Waterman, Lance Korman, and Kevin Sullivan - Newmark
- Asking Rent: $60/ft.
The leasing of the office space at 120 Broadway was orchestrated by brokers Joseph Artusa, Keith Cody, Harlan Strader, Erik Harris, Scott Klau, Brian Waterman, Lance Korman, and Kevin Sullivan from Newmark. Silverstein Properties and Housing Development Corporation finalized the agreement for the 109,000 square foot property. This transaction exemplifies the successful collaboration between the two companies.
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