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1359 Broadway, New York Cit...

Empire State Realty Trust Leases Office Space In Garment District To Calzedonia, Converge Technology Solutions, And BMR Energy
LEASEDOffice

Empire State Realty Trust Leases Office Space In Garment District To Calzedonia, Converge Technology Solutions, And BMR Energy

1359 Broadway, New York City, New York 10018, United States

Building Size

19,406 SF

Asset Type

Office

Closing

May 4, 2022

AI

1359 Broadway, located in the Garment District, has recently been leased. The property, which consists of office space, has a total square footage of 19,406. The deal was brokered by JLL, representing the tenant Calzedonia, Converge Technology Solutions, and BMR Energy, and George Comfort & Sons, representing the tenant. The landlord, Empire State Realty Trust, was represented by ESRT and CBRE.

Summary of transation details

With the recent lease of 1359 Broadway, key individuals and companies involved in the deal include Val Stobetsky and Calum Waddell from JLL, representing the tenants. Dana Pike from George Comfort & Sons also acted as a tenant's representative. Jordan Berger and Shanae Ursini from ESRT, as well as Paul Amrich, Neil King, Emily Chabrier, and Meghan Allen from CBRE, were the landlord's representatives in the transaction.

Players

Val Stobetsky

JLL

Broker

8 deals

Broker
Empire State Realty Trust
Empire State Realty TrustBrokerage
Thomas Durels

Thomas Durels

Empire State Realty Trust

Landlord

$42M

vol

5 deals

Landlord

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