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24 Union Square East

Activate Games Leases 14,812 Square Feet At 24 Union Square East In Midtown Manhattan
LEASEDOffice

Activate Games Leases 14,812 Square Feet At 24 Union Square East In Midtown Manhattan

24 Union Square East

$350

$350/SF

Building Size

14,812 SF

Asset Type

Office

Closing

Feb 3, 2025

AI

An office asset located at 24 Union Square East in Midtown Manhattan has been leased by Activate Games for a total of 14,812 square feet. The property features an asking rent of $350 per square foot for the ground floor and $95 per square foot for the entire second floor, reflecting its positioning in a prime market area.

Summary of transaction details:

The deal involved the landlord S. Klein Family and the tenant Activate Games, represented by their respective brokers. Drew Weiss and Jeffrey Roseman from Newmark handled the landlord's interests, while Sherry Chera and Chandler Slate from Tri State Commercial Realty represented the tenant in the transaction. Activate Games' new location marks its first in New York City, occupying a significant portion of this sought-after property.

Players

Chandler Slate

Tri State Commercial Realty

Broker

$10.7M

vol

33 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

45322.86%

Cash-on-Cash

-12953.41%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93