StoneCastle Partners Relocates To 152 West 57th St In NYC In 7-Year Lease Deal
152 W 57th St
$115
$115/SF
Building Size
8,785 SF
Asset Type
Office
Closing
Nov 16, 2023
About this deal
AI
StoneCastle Partners has recently secured a new office space in Midtown Manhattan. The company will be relocating to the 52nd floor of TF Cornerstone's property located at 152 West 57th Street in New York City. This seven-year lease agreement will provide StoneCastle Partners with a total of 8,785 square feet.
Summary of transaction details
- Property Type: Office
- Address: 152 W 57th St
- Market: Midtown Manhattan
- Tenant: StoneCastle Partners
- Landlord: TF Cornerstone
- Asking Rent: $115/ft
- Lease Term: 7 years
In this deal, StoneCastle Partners was represented by Ben Friedland and Gary Davies of CBRE. On the other hand, TF Cornerstone had Matthew Leon from Newmark as their representative. The successful negotiation allowed StoneCastle Partners to secure the desirable office space at 152 West 57th Street.
On the Map
$115
$115/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
137939.13%
Cash-on-Cash
-39423.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93