MJ Orbach & Associates Leases Office Space At 27 West 24th Street To Pitmaster NYC
27 West 24th Street
$75
$75/SF
Building Size
13,386 SF
Asset Type
Office
Closing
Jun 3, 2025
AI
The property asset involved in this transaction is located at 27 West 24th Street in the Flatiron District. It is classified as an office space with a total square footage of 13,386. The asking rent for this property was set at $85 per foot, and the lease type is a Modified Gross Lease.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $85/ft
- Square Footage: 13,386
- Address: 27 West 24th Street
- Market: Flatiron District
- Landlord: MJ Orbach & Associates
- Tenant: Pitmaster NYC
- Landlord's Representative: Matthew Schuss - JLL
- Tenant's Representatives: Eric Siegel, Chery Anavian & Daniel Lolai - LSL Advisors
- Lease Type: Modified Gross Lease
The deal involved key individuals and companies such as Matthew Schuss representing the landlord, MJ Orbach & Associates, through JLL, while Eric Siegel, Chery Anavian, and Daniel Lolai represented the tenant, Pitmaster NYC, through LSL Advisors.
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
211506.67%
Cash-on-Cash
-60449.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93