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152 W 57th St

StoneCastle Partners Relocates To 152 West 57th St In NYC In 7-Year Lease Deal
LEASEDOffice

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

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.

Players

Benjamin Friedland

CBRE

Broker

9 deals

Broker
TF Cornerstone
TF CornerstoneLender
TF Cornerstone
TF CornerstoneLandlord

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

137939.13%

Cash-on-Cash

-39423.43%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93