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:
- Property Type: Office
- Transaction Amount: Not Applicable
- Address: 52 Duane Street, Manhattan
- Market: Manhattan
- Tenant: ESKW/Architects
- Landlord: Benjamin Partners
- Landlord's Representative: Bradley Gerla, Jonathan Cope & Masha Dudelzak - CBRE
- Tenant's Representative: Elizabeth Martin - E.L. Martin Partners
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
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