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242 W 55th St, New York, NY...

Fairstead Capital Leases Office Space In New York To Boston Properties
LEASEDOffice

Fairstead Capital Leases Office Space In New York To Boston Properties

242 W 55th St, New York, NY, 10019

Building Size

15,050 SF

Asset Type

Office

Closing

Jan 27, 2017

AI

The office property located at 242 W 55th St, New York, NY, 10019, spanning 15,050 square feet, was leased on January 27, 2017. The tenant, Fairstead Capital, secured the space in New York, with Stephen Siegel and Taylor Scheinman from CBRE representing them in the transaction. The landlord, Boston Properties, facilitated the lease agreement.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not Applicable
  • Address: 242 W 55th St, New York, NY, 10019
  • Market: New York
  • Tenant: Fairstead Capital
  • Tenant's Rep: Stephen Siegel(CBRE), Taylor Scheinman(CBRE)
  • Landlord: Boston Properties
  • Square Feet: 15,050

Stephen Siegel and Taylor Scheinman of CBRE played crucial roles as tenant representatives for Fairstead Capital in securing the lease for the office space at 242 W 55th St. This transaction underscores the collaborative efforts of key individuals and companies, demonstrating the vibrant commercial real estate activity in New York.

Players

Stephen Siegel

CBRE

Broker

$85M

vol

9 deals

Broker
Boston Properties
Boston PropertiesLandlord
Fairstead
FairsteadTenant

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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93