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15 W 39th St, Manhattan, Ne...

Lens Flash Leases Office Space At 15 W. 39th St. In Bryant Park With Landlord Cheng Family And Tenant's Rep Bradley Cohn - Adams & Co
LEASEDOffice

Lens Flash Leases Office Space At 15 W. 39th St. In Bryant Park With Landlord Cheng Family And Tenant's Rep Bradley Cohn - Adams & Co

15 W 39th St, Manhattan, New York 10018, United States

Building Size

4,200 SF

Asset Type

Office

Closing

Apr 12, 2022

AI

The office property located at 15 W. 39th St. in Bryant Park has been leased. The asset spans 4,200 square feet and is owned by the Cheng Family. The tenant for this lease is Lens Flash. The lease was facilitated by Bradley Cohn from Adams & Co., who represented the tenant, and Chris Okada and Thomas Capuano from Okada & Co., who represented the landlord. The lease was closed on 04/13/2022.

Summary of transaction details:

  • Property Type: Office
  • Transaction Date: 04/13/2022
  • Address: 15 W. 39th St.
  • Market: Bryant Park
  • Landlord: Cheng Family
  • Tenant: Lens Flash
  • Tenant's Rep: Bradley Cohn - Adams & Co.
  • Landlord's Rep: Chris Okada & Thomas Capuano - Okada & Co.
  • Asking Rent: $34/ft.
  • Square Footage: 4,200

According to a note from Okada & Co., the negotiations for this lease were handled by Bradley Cohn from Adams & Co. Cohn provided detailed information to Chris Okada about the tenant's desired rent and other offers they had submitted. Despite the challenging office market, the deal was successfully closed, showcasing the dedication and persistence of the brokers involved. Cohn's efforts paid off, as he can now enjoy a well-deserved vacation. The success of this deal serves as a reminder that with the right approach and determination, any transaction can be completed.

Players

Christopher Okada

Okada & Company

Broker

$352.8M

vol

85 deals

Broker

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