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15 West 39th Street

Updated Oct 29, 2024

Coco Marketing Leases 5,200 SF Office Space At 15 West 39th Street, Midtown South Manhattan
LEASEDOffice

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

Christopher Okada

Okada & Company

Broker

$352.8M

vol

87 deals

Broker

New York Office Market Snapshot

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Deal FAQ

About $33 per square foot on a published $33 for 5,200 square feet (2023).

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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

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