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52 Duane Street

ESKW/Architects Secure 15-Year Lease At 52 Duane Street In Manhattan
LEASEDOffice

ESKW/Architects Secure 15-Year Lease At 52 Duane Street In Manhattan

52 Duane Street

Building Size

8,477 SF

Asset Type

Office

Closing

Apr 5, 2024

AI

The office space at 52 Duane Street in Manhattan, spanning 8,477 square feet, was leased by ESKW/Architects. The landlord, Benjamin Partners, facilitated the 15-year lease agreement, doubling the tenant's space in proximity to New York City Hall. The negotiated rent for the property, situated between Broadway and Federal Plaza, was $48 per square foot.

Summary of transaction details:

ESKW/Architects, known for their work on St. Mark’s Church in-the-Bowery, decided to expand their operations by securing the lease at 52 Duane Street, a strategic move that aligns with their growth and development plans. The involvement of E.L. Martin Partners as the tenant's representative highlights a personalized approach to the deal, ensuring that the tenant's requirements were accurately represented and negotiated.

Players

Bradley Gerla

CBRE

Broker

$116.1M

vol

12 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