CFG Merchant Solutions Leases 20,585 Sq Ft Office At 32 Old Slip In Financial District
32 Old Slip
$60
$60/SF
Building Size
20,585 SF
Asset Type
Office
Closing
Apr 4, 2025
About this deal
AI
The asset involved in this lease transaction is an office space located at 32 Old Slip in the Financial District. The square footage of the space is 20,585, and it has an asking rent of $60 per square foot. The lease term is set for 10 years.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $60/ft
- Square Footage: 20,585
- Address: 32 Old Slip
- Market: Financial District
- Landlord: Scott Rechler - RXR
- Tenant: Andrew Coon & Bill Gallagher - CFG Merchant Solutions
- Landlord's Rep: Alexander Benisatto, Nicole Marshall, Ryan Alexander, Zachary Price - CBRE; Daniel Birney & Heidi Steinegger - RXR Realty
- Tenant's Rep: Michael Berman - JLL
- Lease Term: 10-year lease
CFG Merchant Solutions has transitioned to this new office space from its previous location at 180 Maiden Lane. The landlord, Scott Rechler, is represented by a team from CBRE and RXR Realty in this transaction.
On the Map
$60
$60/SF
Office
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
264383.33%
Cash-on-Cash
-75561.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93