Empire State Realty Trust Leases 31,500 SF Office Space At 1400 Broadway To AXNY
1400 Broadway, Manhattan, New York, NY, USA
Building Size
31,500 SF
Asset Type
Office
Closing
Apr 19, 2021
AI
1400 Broadway, located in Midtown, has been leased to AXNY. The office space spans approximately 31,500 square feet and was leased for an asking rent of $53 per square foot. The lease agreement was signed on September 28, 2021. Empire State Realty Trust is the landlord of the property, while Kohl's Dept Stores serves as the sublandlord. Daniel Lolai and Eric Siegel from LSL Advisors represented AXNY in the transaction. Matthew Astrachan and Erika McNeil from JLL represented the landlord, Empire State Realty Trust.
Summary of transaction details:
- Property Type: Office
- Transaction Date: September 28, 2021
- Address: 1400 Broadway, Midtown
- Sublandlord: Kohl's Dept Stores
- Subtenant: AXNY
- Tenant's Representatives: Daniel Lolai and Eric Siegel - LSL Advisors
- Landlord's Representatives: Matthew Astrachan and Erika McNeil - JLL
- Asking Rent: $53 per square foot
- Leased Square Footage: 31,500 square feet
Erika McNeil, Matthew Astrachan, Eric Siegel, and Daniel Lolai played instrumental roles in the lease transaction of 1400 Broadway. Erika McNeil and Matthew Astrachan represented the landlord, Empire State Realty Trust, while Daniel Lolai and Eric Siegel acted as AXNY's representatives through LSL Advisors.
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