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
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