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:
- Property Type: Office
- Transaction Amount: $350/ft
- Square Footage: 14,812
- Address: 24 Union Square East
- Market: Midtown Manhattan
- Landlord: S. Klein Family
- Tenant: Adam Schmidt & Megan Schmidt - Activate Games
- Landlord's Representative: Drew Weiss & Jeffrey Roseman - Newmark
- Tenant's Representative: Sherry Chera & Chandler Slate - Tri State Commercial Realty
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.
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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