Michael Strauss Of Vanguard Construction Leases Office Space At 1430 Broadway In Manhattan
1430 Broadway
$45
$45/SF
Building Size
14,500 SF
Asset Type
Office
Closing
Apr 8, 2025
About this deal
AI
The property asset involved in this transaction is an office space located at 1430 Broadway in Manhattan. The asking rent for this space is $45 per square foot, encompassing a total area of 14,500 square feet.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $45/ft
- Address: 1430 Broadway
- Market: Manhattan
- Landlord: Michael Steinberg - Steinberg & Pokoik Management
- Tenant: Michael Strauss - Vanguard Construction
- Landlord's Representative: Kenneth Kronstadt - Newmark
- Tenant's Representatives: Mitchell Kunikoff & Peter Sabesan - Cresa
- Move-in Date: Q3 2025
The deal marks a significant relocation for Vanguard Construction, as they transition their headquarters from the Empire State Building to their new office space at 1430 Broadway. This change is being facilitated through their representatives, Mitchell Kunikoff and Peter Sabesan from Cresa, working alongside Kenneth Kronstadt from Newmark representing the landlord, Michael Steinberg.
On the Map
$45
$45/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
352511.11%
Cash-on-Cash
-100748.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93