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24 Union Square East

Let's Learn Enrichment Center Signs Long-Term Modified Gross Lease At 24-32 Union Square East
LEASEDOffice

Let's Learn Enrichment Center Signs Long-Term Modified Gross Lease At 24-32 Union Square East

24 Union Square East & 32 Union Square East

$50

$50/SF

Building Size

5,000 SF

Asset Type

Office

Closing

Sep 1, 2023

AI

A long-term modified gross lease has been signed for an office space located at 24-32 Union Square East in the Union Square market. The property spans approximately 2,500 square feet and the asking rent is $50 per square foot.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Address: 24-32 Union Square East
  • Market: Union Square
  • Asking Rent: $50 per square foot
  • Lease Type: Modified Gross Lease
  • Lease Term: Long term

The landlord, Seth Saideman, represented by Brett Weiss from NAI Capital, has entered into this lease agreement with the tenant, Let's Learn Enrichment Center. The tenant was represented by Ravi Idnani from Newmark.

Players

Ravi Idnani

Newmark

Broker

$3M

vol

67 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

317260.00%

Cash-on-Cash

-90673.88%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93