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205 West 28th Street

GDSNY Leases Office Space To Antimetal At 205 West 28th Street In Chelsea For $88/ft
LEASEDOffice

GDSNY Leases Office Space To Antimetal At 205 West 28th Street In Chelsea For $88/ft

205 West 28th Street

$88

$88/SF

Building Size

8,685 SF

Asset Type

Office

Closing

Nov 15, 2024

AI

The property asset involved in this transaction is an office space located at 205 West 28th Street in the Chelsea market. The total square footage of the space is 8,685, and it has a modified gross lease type. The asking rent for this property was set at $88 per square foot.

Summary of transaction details:

The deal notably involved several key representatives from each side. The landlord's representation included Ethan Silverstein, Michael Movshovich, Connor Daugstrup, and Grant Potter, all from Cushman & Wakefield, while the tenant was represented by Raphael Zar and Eric Siegel from LSL Advisors.

Players

Eric Siegel

LSL Advisors

Broker

$96M

vol

56 deals

Broker

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

180261.36%

Cash-on-Cash

-51519.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93