facebook

traded

+ Submit
Home

/

Deals

/

New York

/

Office

/

Lease

/

250 West 57th Street

Sunil Madan's Hanover Street Capital Leases Office Space At 250 West 57th Street
LEASEDOffice

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

Jordan Berger

Empire State Realty Trust

Broker

15 deals

Broker

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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93