Chelsea Editions Leases Office/Showroom Space At 232 East 59th Street, Manhattan
232 East 59th Street
$54
$54/SF
Building Size
5,712 SF
Asset Type
Office
Closing
Jun 19, 2024
AI
The property at 232 East 59th Street, known as The Fine Arts Building, is a 58,000 SF office/showroom located in Manhattan's home design district near the 59th Street Bridge. The space was leased by Chelsea Editions for a 5-year term with an asking rent of $54.62 per square foot, totaling $26,000 monthly.
Summary of transaction details:
- Property Type: Office/Showroom
- Transaction Amount: Lease
- Address: 232 East 59th Street 2nd Floor
- Market: Manhattan
- Tenant: Chelsea Editions
- Broker: Preeti Mirani - Besen Partners
- Asking Rent: $54.62 ~ SF: 5,712
- Lease Term: 5 years
The property at 232 East 59th Street, managed by NYC Management, an affiliate of Besen Partners, was successfully leased with the assistance of Preeti Mirani from Besen Partners. For asset management consultations, individuals can reach out to Preeti Mirani at (646) 472-8723 or [email protected].
Players
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
293759.26%
Cash-on-Cash
-83957.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93