Equativ Signs 10-Year Lease For 24,503 Sq Ft At 1350 Broadway Manhattan With Tony Malkin As Landlord
1350 Broadway
Building Size
24,503 SF
Asset Type
Office
Closing
Jul 31, 2024
AI
The property asset involved is located at 1350 Broadway in Manhattan, featuring an office space of 24,503 square feet. The transaction is a lease signed by the tenant for a period of 10 years, allowing them to occupy the premises in a significant urban area known for its amenities and proximity to the tech hub of New York City.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 1350 Broadway
- Market: Manhattan
- Lease Term: 10-year lease
- Landlord: Tony Malkin - Empire State Realty Trust
- Tenant: Equativ
- Landlord's Rep: Daniel Organ, Peter Kerans, Robert Lowe, Ron Lo Russo - Cushman & Wakefield & Shanae Ursini - Empire State Realty Trust (ESRT)
- Tenant's Rep: Scott Bogetti, Alex Redlus & James Wenk - Savills
The deal involves key individuals from various companies, with Tony Malkin representing the landlord's interests through Empire State Realty Trust. Cushman & Wakefield provided representation for the landlord with a team including Daniel Organ, Peter Kerans, Robert Lowe, and Ron Lo Russo. On the tenant's side, the French ad tech firm Equativ was represented by Scott Bogetti, Alex Redlus, and James Wenk from Savills.
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