Sola Salons Leases 7,200 SF Office Space At 50 West 17th Street In Flatiron, Manhattan
50 W 17th St New York, NY 10011, USA
$55
$55/SF
Building Size
7,200 SF
Asset Type
Office
Closing
Aug 16, 2023
AI
Okada & Co. is pleased to announce the leasing of 7,200 SF of Class B Office space at 50 West 17th Street in the Flatiron neighborhood of Manhattan. The property, owned by Argo Real Estate, has a total leased space of 25,200 SF and is located in a prime location in one of Manhattan's most sought-after markets. The asking rent for the leased space was $55 per square foot, resulting in a significant transaction for both the landlord and tenant.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $55/ft
- Size: 7,200 SF
- Address: 50 West 17th Street
- Market: Flatiron, Manhattan
- Landlord: Argo Real Estate
- Tenant: Sola Salons
- Brokers: Christopher Okada, Thomas Capuano, and Elena Ivanova - Okada & Company
This transaction marks the 93rd deal of the year for Okada & Co., illustrating their significant presence and success in the NYC office market. With over 3 million square feet of commercial real estate in Midtown Manhattan, Okada & Co. has positioned itself as a prominent player in the post-pandemic office market. The company's success is attributed to its readiness to make deals, quick turnaround time, marketing prowess, and broker-friendly approach.
Players
Market 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
288418.18%
Cash-on-Cash
-82430.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93