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370 Lexington Avenue, New Y...

Emanuel Neuman & Ian Levine's Spandrel Development Partners Lease Office Space At 370 Lexington Avenue
LEASEDOffice

Emanuel Neuman & Ian Levine's Spandrel Development Partners Lease Office Space At 370 Lexington Avenue

370 Lexington Avenue, New York, NY, USA

Building Size

1,250 SF

Asset Type

Office

Closing

Feb 28, 2021

AI

The office space at 370 Lexington Avenue in the Grand Central market has been leased to Emanuel Neuman and Ian Levine of Spandrel Development Partners. The lease was signed on 03/01/2021. The office space spans 1,250 square feet and the asking rent was $50 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Lease
  • Address: 370 Lexington Avenue

Emanuel Neuman and Ian Levine, representing Spandrel Development Partners, will be the tenants of the leased space. The landlord of the property is Broad Street Development, led by Raymond Chalme. The leasing deal was facilitated by broker Chris Okada from OkadaCo.

Note from Chris Okada: I've known Emanuel since the 90's when we were a bunch of prep school kids growing up in Queens, NY. So it was with pleasure that I took on this assignment of finding Spandrel Development their NYC office. With 2,000 apartments just delivered or underway in the Carolinas... I feel blessed to be a small part of their massive story. EVERY DEAL COUNTS! ALWAYS BE CLOSING! & BETTING ON NYC! Follow @ChrisOkada for more!

Players

Christopher Okada

Okada & Company

Broker

$352.8M

vol

85 deals

Broker
Broad Street Development
Broad Street DevelopmentLandlord

Emanuel Neuman

Partners

Tenant

$35.4M

vol

3 deals

Tenant
Partners
PartnersTenant

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