W2O Group Leases 58852 Square Feet Office Space At 199 Water St, New York
199 Water St, New York, NY, 10038
Building Size
58,852 SF
Asset Type
Office
Closing
Feb 27, 2019
AI
Located at 199 Water Street in New York, NY 10038, the office asset involved in this transaction is a trophy 35-story building spanning 1.1 million square feet. The property underwent a major renovation in 2014 and offers modern infrastructure, highly efficient floorplates, and breathtaking views of the New York Harbor, the Brooklyn Bridge, and the downtown skyline.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Tenants: W2O Group, WeWork, American Foundation for Suicide Prevention (AFSP)
- Landlord: Jack Resnick & Sons
- Square Feet: 58852
Jack Resnick & Sons announced significant leasing activity at the property, with three new tenants securing space. Alongside W2O Group's 58,852 square-foot lease renewal and expansion, WeWork signed a 201,231 square-foot lease covering five full floors, and the American Foundation for Suicide Prevention (AFSP) finalized a 24,595 square-foot lease on a portion of the 11th floor. These transactions reaffirm the property's status as a premier destination in Lower Manhattan, attributed to its desirable waterfront location and top-notch amenities.
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