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311 W 43rd St, New York, NY...

Manhattan Theater Club Inc. Leases 24814 Square Feet From DivcoWest At 311 W 43rd St
LEASEDOffice

Manhattan Theater Club Inc. Leases 24814 Square Feet From DivcoWest At 311 W 43rd St

311 W 43rd St, New York, NY, 10036

Building Size

24,814 SF

Asset Type

Office

Closing

Jan 25, 2021

AI

311 West 43rd Street, also known as the Press Building, is a 15-story office property located in New York. The building encompasses a total of 186,083 square feet and features oversized windows allowing for natural light, exposed brick, and 13-foot slab to slab ceiling heights. The space leased by Manhattan Theater Club, Inc. covers the entire eighth and ninth floors, totaling 24,814 square feet. The property is strategically situated just north of Penn Station and Port Authority, within proximity to various retail and restaurant amenities, and a five-minute walk to Hudson Yards.

Summary of transation details:

  • Property Type: Lease
  • Transaction Amount: Not specified
  • Address: 311 W 43rd St, New York, NY, 10036
  • Market: New York
  • Tenant: Manhattan Theater Club, Inc.
  • Landlord: divcowest'>DivcoWest
  • Tenant's Representatives: Ariel Ball, Christopher W. Mansfield, Evan Fiddle (CBRE)
  • Landlord's Representative: Daniel (Dan) Organ (Cushman & Wakefield)
  • Broker: Mary Ann Tighe (CBRE)
  • Square Feet Leased: 24,814

A Cushman & Wakefield team, including Ron Lo Russo, Ethan Silverstein, Dan Organ, and Anthony Cugini, represented the landlord, divcowest'>DivcoWest. CBRE's team comprised Mary Ann Tighe, Christopher Mansfield, Evan Fiddle, and Ariel Ball, who represented the tenant, Manhattan Theater Club, Inc. This long-term lease reflects Manhattan Theater Club's commitment to their administrative offices and rehearsal studios, which they have utilized since 1997.

Players

Evan Fiddle

CBRE

Broker

13 deals

Broker
DivcoWest
DivcoWestLender
DivcoWest
DivcoWestLandlord

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