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1400 Broadway, Manhattan, N...

Empire State Realty Trust Leases 31,500 SF Office Space At 1400 Broadway To AXNY
LEASEDOffice

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

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

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