SS Productions Inc. Leases Office Space At 206 West 23rd Street In Chelsea
206 West 23rd Street, New York, NY 10011
Building Size
2,500 SF
Asset Type
Office
Closing
Jul 29, 2020
About this deal
AI
SS Productions Inc. has leased an office space located at 206 West 23rd Street in Chelsea. The property, measuring 2,500 square feet, has been fully occupied after four months of its owners calling Okada & Company to handle the leasing. The asking rent for the space was $45 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Date: 07/29/2021
- Address: 206 West 23rd Street
- Market: Chelsea
- Tenant: SS Productions Inc.
- Landlord: Dynasty 23rd Street - Young Choi
- Landlord's Representative: Christopher Okada & Hiro Iwata - Okada & Company
- Asking Rent: $45/ft.
- Square Footage: 2,500
Christopher Okada and Hiro Iwata from Okada & Company represented the landlord, Dynasty 23rd Street - Young Choi, in this lease deal. The successful lease of the property has resulted in the building being fully occupied, overcoming a previous 60% vacancy rate caused by the pandemic. The owners express their confidence in the future of New York City and emphasize the importance of maintaining a positive mindset and staying focused on closing deals.
Players
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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