SoFi Leases Office Space At 860 Washington Street In New York
437 W 13th St, New York, NY, 10014
$155
$155/SF
Building Size
13,000 SF
Asset Type
Office
Closing
Mar 21, 2017
AI
The leased property located at 437 W 13th St, New York, NY, 10014, is an office space spanning 13,000 square feet. The deal was finalized on 03/21/2017, with a rental rate of $155 per square foot. The landlord, Romanoff Equities, represented by Stuart Romanoff, successfully secured Social Finance, a financial tech firm, as the tenant.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Applicable
- Market: New York
- Tenant: Social Finance
- Landlord: Romanoff Equities
- Rent/SF: $155
- Square Feet: 13,000
Social Finance, also known as SoFi, signed a 10-year lease for the office space at 437 W 13th St. The property, situated in the Meatpacking District, provides the firm with a strategic location on the full second floor, offering 280 feet of frontage along the High Line and West 13th Street. The transaction was a significant move for both the tenant and the landlord, enhancing the exposure of the $4.3 billion startup in a trendy and high-traffic area.
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
102341.94%
Cash-on-Cash
-29249.64%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93