Sunil Madan's Hanover Street Capital Leases Office Space At 250 West 57th Street
250 West 57th Street
Building Size
12,622 SF
Asset Type
Office
Closing
Feb 8, 2024
AI
An office spanning 12,622 square feet located at 250 West 57th Street in Midtown Manhattan has been leased to Sunil Madan of Hanover Street Capital. The lease was secured by Empire State Realty Trust.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Address: 250 West 57th Street
- Market: Midtown Manhattan
- Landlord: Empire State Realty Trust
- Tenant: Sunil Madan - Hanover Street Capital
- Landlord's Rep: Alexander Golod, Anthony Manginell, Neil V. King III, Paul Amrich - CBRE & Jordan Berger - Empire State Realty Trust (ESRT)
- Tenant's Rep: Chase Gordon - Transwestern
The lease deal was brokered by Alexander Golod, Anthony Manginell, Neil V. King III, and Paul Amrich from CBRE, along with Jordan Berger from Empire State Realty Trust representing the landlord, and Chase Gordon from Transwestern representing the tenant, Hanover Street Capital. The transaction further solidifies the presence of Hanover Street Capital, a commercial real estate platform linked to Deutsche Bank's financing business, at 250 West 57th Street in Midtown.
Players
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