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245 West 17th Street

MoneyLion Subleases Office Space In Chelsea From X Corp At 245-249 West 17th Street
LEASEDOffice

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:

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

Steven Marvin

Olmstead Properties

Broker

9 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

233279.41%

Cash-on-Cash

-66671.97%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93