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20 West 34th Street

Greater New York Mutual Insurance Leases 52,116 SF At Empire State Building
LEASEDOffice

Greater New York Mutual Insurance Leases 52,116 SF At Empire State Building

20 West 34th Street

Building Size

52,116 SF

Asset Type

Office

Closing

Jan 25, 2024

AI

The property at 20 West 34th Street in Midtown Manhattan has been leased by Greater New York Mutual Insurance for a full floor spanning 52,116 square feet at the Empire State Building. The iconic tower's asking rents range from $69 to $87 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Landlord: Empire State Realty Trust - Anthony E. Malkin
  • Tenant: Greater New York Mutual Insurance
  • Date: 01/25/2024
  • Address: 20 West 34th Street
  • Market: Midtown Manhattan
  • Asset Type: Office
  • Square Footage: 52,116 SF

Greater New York Mutual Insurance, led by the tenant, has signed a 17-year lease at the Empire State Building. Anthony E. Malkin of Empire State Realty Trust represented the landlord in this transaction.

Players

Anthony Malkin

Empire State Realty Trust

Landlord

$431.9M

vol

8 deals

Landlord

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