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205 West 28th Street

Ellipsis Labs Signs Office Lease In Midtown South At 205 West 28th Street
LEASEDOffice

Ellipsis Labs Signs Office Lease In Midtown South At 205 West 28th Street

205 West 28th Street

$114

$114/SF

Building Size

8,685 SF

Asset Type

Office

Closing

Jul 3, 2024

AI

205 West 28th Street is an office property located in the Midtown South market. The asset spans a total of 8,685 square feet and has a modified gross lease with an asking rent of $114 per square foot.

Summary of transation details:

The transaction involved key representatives including Ethan Silverstein, Connor Daugstrup, Michael Movshovich, and Grant Potter from Cushman & Wakefield acting on behalf of the landlord GDSNY. The tenant Ellipsis Labs was represented by Eric Siegel from LSL Advisors, facilitating the lease agreement.

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

139149.12%

Cash-on-Cash

-39769.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93