Ryan Simonetti Of Convene Leases 32000 Square Feet Office At Scholastic's 555 Broadway In SoHo
555 Broadway
Building Size
32,000 SF
Asset Type
Office
Closing
Jul 15, 2025
AI
The property asset involved in this transaction is an office space located at 555 Broadway in SoHo, Manhattan. The total square footage of the asset is 32,000 square feet, which Scholastic is leasing to Convene for its 16th location in New York City, set to open in spring 2026.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 555 Broadway
- Market: SoHo, Manhattan
- Landlord: Scholastic
- Tenant: Ryan Simonetti - Convene
- Broker: Karen Bellantoni & Jackie Totolo - Newmark
Convene is securing this lease to fulfill increased client demand in the SoHo neighborhood, reflecting a strategic expansion of their office presence in New York City.
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