Ciarán McGuigan Of The Malin Signs 10-Year Lease At 270 7th Avenue Chelsea With TF Cornerstone
270 7th Avenue
Building Size
19,833 SF
Asset Type
Office
Closing
May 20, 2025
About this deal
AI
The property involved in this transaction is an office asset located at 270 7th Avenue in Chelsea, Manhattan. The space comprises 19,833 square feet and will be utilized for a co-working operation.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Specified
- Address: 270 7th Avenue
- Market: Chelsea, Manhattan
- Square Footage: 19,833
- Landlord: Thomas Elghanayan - TF Cornerstone
- Tenant: Ciarán McGuigan - The Malin
- Lease Term: 10 years
This transaction involves Thomas Elghanayan representing TF Cornerstone as the landlord and Ciarán McGuigan representing The Malin as the tenant. The Malin will establish a new location at this address, expected to open in the fall.
On the Map
Office
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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