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40 West 23rd Street

Ramp Leases 132000 Square Feet Office Space At 40 West 23rd Street In Flatiron District
LEASEDOffice

Ramp Leases 132000 Square Feet Office Space At 40 West 23rd Street In Flatiron District

40 West 23rd Street

Building Size

132,000 SF

Asset Type

Office

Closing

Oct 1, 2024

AI

The property asset involved in the transaction is an office space located at 40 West 23rd Street in the Flatiron District, consisting of 132,000 square feet. The landlord for this transaction is Michael Cohen from Williams Equities, while the tenant is Eric Glyman from Ramp.

Summary of transaction details:

The deal involved the fintech company Ramp signing a long-term lease for the office space, which marks a significant extension and expansion of its office footprint, doubling the space with a 66,000-square-foot addition.

Players

Andrew Roos

Colliers

Broker

5 deals

Broker

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