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209 West 38th Street

Kittae Of NY Signs Five-Year Lease For Office Space At 209 West 38th Street
LEASEDOffice

Kittae Of NY Signs Five-Year Lease For Office Space At 209 West 38th Street

209 West 38th Street

Building Size

1,930 SF

Asset Type

Office

Closing

May 1, 2025

AI

The property asset involved in this transaction is an office space located at 209 West 38th Street in Midtown South, comprising 1,930 square feet. The deal pertains specifically to a lease agreement rather than a sale. The location is notable within the Midtown South market, catering to tenants requiring office and showroom space.

Summary of transaction details:

This lease agreement was facilitated by Matthew Mandell, representing the landlords, GFP Real Estate, while Evan Lieberman represented the tenant, Kittae of NY. This transaction highlights the collaboration between these companies in securing a five-year lease for the requisite space.

Players

Matthew Mandell

GFP Real Estate

Broker

$75M

vol

21 deals

Broker
Jeffrey Gural

Jeffrey Gural

GFP Real Estate

Landlord

$915.3M

vol

20 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