Empire State Realty Trust Leases Office Space At 1359 Broadway To LM Cohen
1359 Broadway
$62
$62/SF
Building Size
31,362 SF
Asset Type
Office
Closing
May 4, 2023
AI
The office building at 1359 Broadway in New York City has been leased. The property spans a total of 31,362 square feet and features modern office spaces. The lease term is long-term, providing stability for the tenant.
Summary of transaction details
- Property Type: Office
- Asking Rent: $64/ft
- Square Footage: 31,362
- Lease Term: Long term
- Date: 05/04/2023
- Address: 1359 Broadway
- Market: New York City
The landlord of the property is Empire State Realty Trust, while the sublandlord is Zentalis Pharmaceuticals. The tenant in this lease transaction is LM Cohen. Representing the landlord is David Stockel from CBRE. On the tenant's side, Daniel Lolai, Raymond Balassiano, Wayne Siegel, and Eric Siegel from LSL Advisors serve as the tenant's representatives.
Players
Market 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
255854.84%
Cash-on-Cash
-73124.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93