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
About this deal
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:
- Property Type: Office
- Transaction Amount: $114/ft
- Square Footage: 8,685
- Address: 205 West 28th Street
- Market: Midtown South
- Landlord: GDSNY
- Tenant: Ellipsis Labs
- Landlord's Rep: Ethan Silverstein, Connor Daugstrup, Michael Movshovich & Grant Potter - Cushman & Wakefield
- Tenant's Rep: Eric Siegel - LSL Advisors
- Lease Type: Modified Gross Lease
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.
On the Map
$114
$114/SF
Office
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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
139149.12%
Cash-on-Cash
-39769.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93