WeWork Leases 52000 Square Feet At 3537 36th St Astoria From Vanbarton Group
3537 36th St, Queens, NY, 11106
Building Size
52,000 SF
Asset Type
Office
Closing
Jul 28, 2015
About this deal
AI
The property involved in this transaction is located at 3537 36th St, Queens, NY, 11106 in the Astoria market. It encompasses a total area of 52,000 square feet. The landlord in this deal is Vanbarton Group, while WeWork is the tenant securing a lease for a duration of 15 years.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Square Feet: 52000
- Address: 3537 36th St, Queens, NY, 11106
- Market: Astoria
- Tenant: WeWork
- Landlord: Vanbarton Group
- Landlord's Representatives: Kristen Morgan (JLL), Corey Horowitz (NYC), Ellen Israel (JRT Realty Group), Gregory Smith ()
WeWork executed this lease as their first-ever deal for space in Queens, indicating a strategic expansion. The landlord was represented by JRT Realty Group’s Greg Smith and Ellen Israel, alongside Kristen Morgan from JLL and Cushman & Wakefield’s Corey Horowitz and Ethan Silverstein.
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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