LEASEDOffice
New York State OTDA Leases 45,000 SF At 26 Broadway Financial District
26 Broadway
Building Size
45,000 SF
Asset Type
Office
Closing
Feb 14, 2024
AI
The Office of Temporary and Disability Assistance (OTDA) has signed a 10-year lease for 45,000 square feet on the 15th floor of the Standard Oil Building located at 26 Broadway in the Financial District, Manhattan.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 26 Broadway
- Market: Financial District, Manhattan
- Landlord: Joseph Chetrit - Chetrit Group
- Tenant: New York State Office of Temporary and Disability Assistance (OTDA)
- Landlord's Representative: Howard Kesseler - Newmark
- Tenant's Representative: Gary Kamenetsky - CBRE
Howard Kesseler from Newmark represented the landlord, Joseph Chetrit of Chetrit Group, while Gary Kamenetsky from CBRE represented the tenant, OTDA, in the lease agreement.
Brooklyn 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