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1675 Broadway

Gen II Fund Services Secures Sublease For 98000 Square Feet At 1675 Broadway Midtown
LEASEDOffice

Gen II Fund Services Secures Sublease For 98000 Square Feet At 1675 Broadway Midtown

1675 Broadway

Building Size

98,000 SF

Asset Type

Office

Closing

Nov 19, 2024

AI

The property asset involved in the context is an office space located at 1675 Broadway in Midtown Manhattan. The total square footage of the space is 98,000, and it is part of a sublease agreement. The lease was executed to facilitate a transition to a new headquarters for Gen II Fund Services.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 1675 Broadway
  • Market: Midtown
  • Landlord: Bill Rudin - Rudin Management
  • Tenant: Steven Millner - Gen II Fund Services
  • Brokers: Gregg Rothkin, John Maher & William Iacovelli - CBRE
  • Lease Type: Sublease
  • Employee Accommodation: Approximately 600 employees

This transaction features key individuals and companies pivotal to the deal. The sublease arrangement enables Gen II Fund Services to establish a collaborative workplace environment, appointed through the representation of brokers from CBRE, namely Gregg Rothkin, John Maher, and William Iacovelli.

Players

Gregg Rothkin

CBRE

Broker

15 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