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224 W 35th St, New York Cit...

Balance In Motion Physical Therapy Leases Office Space In Penn Plaza
LEASEDOffice

Balance In Motion Physical Therapy Leases Office Space In Penn Plaza

224 W 35th St, New York City, New York 10001, United States

Building Size

3,000 SF

Asset Type

Office

Closing

Jun 9, 2022

AI

An office space located at 224 W. 35th St. in Penn Plaza has been leased. The tenant, Balance In Motion Physical Therapy, has signed a lease agreement with the landlord, Gatsby Enterprises. The lease was facilitated by brokers Chris Okada and Hiro Iwata from Okada & Company. The office space spans approximately 3,000 square feet and was leased at an asking rent of $35 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Lease
  • Address: 224 W. 35th St.
  • Market: Penn Plaza
  • Tenant: Balance In Motion Physical Therapy
  • Landlord: Gatsby Enterprises
  • Brokers: Chris Okada & Hiro Iwata - Okada & Company
  • Asking Rent: $35 per square foot
  • Square Footage: 3,000

The leasing process was successfully carried out by Chris Okada and Hiro Iwata from Okada & Company, representing both the tenant and the landlord. This transaction marks an important step for Balance In Motion Physical Therapy in securing a suitable office space in Penn Plaza.

Players

Christopher Okada

Okada & Company

Broker

$352.8M

vol

86 deals

Broker
Gatsby Enterprises
Gatsby EnterprisesLandlord

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