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
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