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:
- Property Type: Office
- Transaction Amount: Not disclosed
- Landlord: Michael Cohen - Williams Equities
- Tenant: Eric Glyman - Ramp
- Landlord's Representative: Andrew Roos, Charles (Mac) Roos, Jessica Verdi & Michael Cohen - Colliers
- Tenant's Representative: Michael Mathias & RJ Johns - Cushman & Wakefield
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
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