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232 East 59th Street

Chelsea Editions Leases Office/Showroom Space At 232 East 59th Street, Manhattan
LEASEDOffice

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

Preeti Mirani

Besen Partners

Broker

2 deals

Broker

New York Office Market Snapshot

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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