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224 West 30th Street, New Y...

Magnat Ink Group Leases Office Space At 224 W. 30th St. In Chelsea
LEASEDOffice

Magnat Ink Group Leases Office Space At 224 W. 30th St. In Chelsea

224 West 30th Street, New York City, New York 10001, United States

Building Size

7,720 SF

Asset Type

Office

Closing

Apr 18, 2022

AI

The office space located at 224 W. 30th St. in Chelsea has been leased. The tenant, Art + Cook, will be occupying the space. The lease was facilitated by Antoine Williams from Magna Ink Group, who represented Art + Cook. On the landlord's side, the lease was handled by Chris Okada and Hiro Iwata from Okada & Company. The landlord is MB Hampton.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Asking Rent: $38/ft.
  • Square Footage: 7,720

This lease in Chelsea exemplifies the ongoing conversation around office space during the pandemic. The deal reflects a defining moment in the city, the lives of those involved, and their careers. Despite the challenges, this transaction demonstrates the continued confidence in New York City's commercial real estate market. @OkadaCo invites everyone to follow @ChrisOkada for more insights on office spaces in NYC.

Players

Christopher Okada

Okada & Company

Broker

$352.8M

vol

86 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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93