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
New York Office Market Snapshot
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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