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20 West 34th Street

Updated Dec 4, 2024

Pontera Solutions Leases 40,679 SF Office Space At Empire State Building
LEASEDOffice

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

About this deal

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:

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.

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Players

Kyle Riker

JLL

Broker

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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

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