MoneyLion Subleases Office Space In Chelsea From X Corp At 245-249 West 17th Street
245 West 17th Street & 249 West 17th Street
$68
$68/SF
Building Size
70,768 SF
Asset Type
Office
Closing
Feb 27, 2024
AI
The office building located at 245-249 West 17th Street in Chelsea, Manhattan, was involved in a recent lease transaction. X Corp, the landlord, previously known as Twitter, subleased 35,384 square feet of space to fintech company MoneyLion. The asking rent for this sublease was $68 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not applicable
- Address: 245-249 West 17th Street
- Market: Chelsea, Manhattan
- Tenant: MoneyLion
- Landlord: X Corp
- Landlord's Rep: Connor DeSimone, Elliot Bok, Sacha Zarba, William Iacovelli, Lauren Crowley Corrinet - CBRE
- Tenant's Rep: Eric Ladden - Cornerstone Real Estate Group, Jason Birk, Steven Marvin - Olmstead Properties
- Lease Type: Sublease
The sublease deal was facilitated by various real estate representatives. X Corp's representatives were Connor DeSimone, Elliot Bok, Sacha Zarba, William Iacovelli, and Lauren Crowley Corrinet from CBRE. Representing MoneyLion were Eric Ladden from Cornerstone Real Estate Group along with Jason Birk and Steven Marvin from Olmstead Properties.
Players
New York Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
233279.41%
Cash-on-Cash
-66671.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93