Red Antler Leases 10,211 Square Feet Office Space At 160 Varick Street From Hines
160 Varick Street
Building Size
10,211 SF
Asset Type
Office
Closing
Dec 18, 2024
AI
The property asset involved is an office space located at 160 Varick Street in Hudson Square, encompassing a total area of 10,211 square feet. This space is situated in a market where office rents average $85.81 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Lease Term: Seven-year lease
- Landlord: Laura Hines-Pierce - Hines
- Tenant: JB Osborne - Red Antler
- Landlord's Representative: Benjamin Joseph, Howard Fiddle, Neil King, Paul Amrich & Zachary Price - CBRE
- Tenant's Representative: Joseph Sipala & Lance Yasinsky - JLL
- Market: Dumbo
Red Antler has signed the lease indicating a trend of businesses relocating to Manhattan, reflecting an interest in the innovative atmosphere of Hudson Square. The brokerage teams from CBRE and JLL facilitated the negotiations, representing both the landlord and the tenant respectively.
Players
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