Pontera Solutions Leases 40,679 SF Office Space At Empire State Building
20 West 34th Street
Building Size
40,679 SF
Asset Type
Office
Closing
May 28, 2024
AI
The property at 20 West 34th Street, located in Midtown South, Manhattan, is an office space spanning 40,679 square feet. The lease transaction involved Pontera Solutions relocating to the Empire State Building from their current offices at ESRT's 111 West 33rd Street.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Landlord: Thomas Durels - Empire State Realty Trust
- Tenant: Pontera Solutions
- Landlord's Rep: Erik Harris, Neil Rubin, Scott Klau - Newmark & Shanae Ursini - Empire State Realty Trust
- Tenant's Rep: Kyle Riker & Justin Haber - JLL
The deal was facilitated by Erik Harris, Neil Rubin, and Scott Klau from Newmark, along with Shanae Ursini from Empire State Realty Trust representing the landlord. On the tenant's side, Kyle Riker and Justin Haber from JLL served as the tenant's representatives.
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