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1359 Broadway

Empire State Realty Trust Leases Office Space At 1359 Broadway To LM Cohen
LEASEDOffice

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

Daniel Lolai

LSL Advisors

Broker

$211.9M

vol

92 deals

Broker
Empire State Realty Trust
Empire State Realty TrustBrokerage
Empire State Realty Trust
Empire State Realty TrustLandlord

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