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120 Broadway, New York City...

Silverstein Properties Leases 109,000 SF Office Space At 120 Broadway To Housing Development Corporation
LEASEDOffice

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

Keith Cody

Broker

7 deals

Broker
Silverstein Properties
Silverstein PropertiesLandlord

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