Empire State Realty Trust Leases Office Space To Ground Up International In Midtown Manhattan
1333 Broadway
$47
$47/SF
Building Size
30,000 SF
Asset Type
Office
Closing
Apr 2, 2024
AI
The office property located at 1333 Broadway in Midtown South, Manhattan, was involved in a lease transaction. The sublandlord, Xcel Brands, leased the space from the landlord, Empire State Realty Trust, to subtenant Ground Up International. The lease type was a Modified Gross Lease, with an asking rent of $47 per square foot for a total of 30,000 square feet.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Address: 1333 Broadway
- Market: Midtown South, Manhattan
- Sublandlord: Xcel Brands
- Landlord: Empire State Realty Trust
- Subtenant: Ground Up International
- Brokers: Daniel Lolai & Joel Kubie - LSL Advisors; Marc Kritzer - Elite Mak
- Asking Rent: $47/ft
- Lease Type: Modified Gross Lease
The deal was facilitated by brokers Daniel Lolai and Joel Kubie from LSL Advisors, along with Marc Kritzer from Elite Mak. These key individuals played a crucial role in the successful negotiation and completion of the lease transaction at 1333 Broadway.
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
337510.64%
Cash-on-Cash
-96461.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93