LEASEDOffice
Related Companies Leases 75064 Square Feet At 55 Hudson Yards New York
55 Hudson Yards, New York, NY, 10001
Building Size
75,064 SF
Asset Type
Office
Closing
Nov 20, 2023
AI
55 Hudson Yards is a notable property located in New York, NY, encompassing 75,064 square feet. This building is part of the thriving Hudson Yards market, poised for significant activities and tenant arrangements.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Address: 55 Hudson Yards, New York, NY, 10001
- Market: New York
- Landlord: Related Companies
- Landlord's Representative: Jordan Bargas (Related Companies)
- Tenant: Third Point hedge fund
- Lease Duration: 10 years
- Future Expansion Options: Yes
- Other Tenants of the Building: Point 72 Asset Management, Silver Lake Partners, MarketAxess, Intercept Pharmaceuticals, Cooley, Milbank Tweed Hadley & McCoy, and Boies Schiller Flexner
The transaction involved several key individuals and entities, including Jeff Blau, CEO of Related Companies, who plays a significant role in facilitating a deal for Mount Sinai Medical Center, which will establish a concierge medical facility within the building. The JLL team represented Third Point, led by Alexander Chudnoff and Dan Turkewitz, while CBRE's Howard Fiddle, Bob Alexander, and Emily Jones negotiated for building ownership. In-house representatives for Related included Stephen Winter, Andrew Cantor, and Jordan Bargas. The building is primarily owned by Mitsui Fudosan, in partnership with Related Companies and Oxford Properties.
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