The Moinian Group Leases Office Space To Instant At 53-55 West 21st Street For Five Years
53 55 West 21st Street
$60
$60/SF
Building Size
5,000 SF
Asset Type
Office
Closing
Apr 30, 2025
About this deal
AI
The property involved in this lease transaction is an office asset located at 53-55 West 21st Street in the Flatiron market of Manhattan. The office spans 5,000 square feet and is offered at an asking rent of $60 per square foot. The lease term is set for 5 years under a modified gross lease structure.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $300,000
- Landlord: The Moinian Group
- Tenant: Instant
- Tenant's Representative: Nicholas Hein - Nomad Group
- Asking Rent: $60/ft
- Lease Term: 5 Years
- Lease Type: Modified Gross Lease
Key individuals involved in this transaction include Nicholas Hein, who represented the tenant, Instant, through his affiliation with Nomad Group. The landlord in this deal is The Moinian Group, indicating their role in leasing the space to the tenant.
On the Map
$60
$60/SF
Office
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Players
New York Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
264383.33%
Cash-on-Cash
-75561.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93