Coco Marketing Leases 5,200 SF Office Space At 15 West 39th Street, Midtown South Manhattan
15 West 39th Street
$33
$33/SF
Building Size
5,200 SF
Asset Type
Office
Closing
Jul 17, 2023
About this deal
AI
The lease closure at 15 West 39th Street in Midtown South, Manhattan marks another successful transaction in the commercial real estate market. The Class B Office space, spanning 5,200 square feet, has been leased by Coco Marketing. The property, owned by the Cheng Family, is now 93% leased, with an asking rent of $33 per square foot.
Summary of transaction details
- Property Type: Office
- Address: 15 West 39th Street, New York, NY
- Tenant: Coco Marketing
- Landlord: Cheng Family
- Asking Rent: $33/ft
- Square Footage: 5,200
Thomas Capuano and Christopher Okada of Okada & Company represented the landlord in this lease deal, while Wayne Siegel and Daniel Lolai of LSL Advisors served as the tenant's representatives. This marks the 83rd transaction of the year and adds to the total of 479,538 square feet of office space leased since 2021.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
480696.97%
Cash-on-Cash
-137384.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93