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56 West 45th Street, New Yo...

Darwin Tattoo Signs Lease For Penthouse Office Space In Grand Central
LEASEDOffice

Darwin Tattoo Signs Lease For Penthouse Office Space In Grand Central

56 West 45th Street, New York, NY, USA

Building Size

5,000 SF

Asset Type

Office

Closing

Mar 24, 2021

AI

The leased property is located at 56 West 45th Street in the Grand Central market. It is an office space with a total square footage of 3,800. The lease was finalized on March 25, 2021.

Summary of transation details

  • Property Type: Office
  • Transaction Date: 03/25/2021
  • Address: 56 West 45th Street
  • Market: Grand Central

The tenant of the leased space is Darwin Tattoo, represented by Darwin Enriquez. The landlord for this lease is Gatsby Realty. The deal was facilitated by brokers Chris Okada and Hiro Iwata from OkadaCo.

Darwin Tattoo's work is globally recognized and has been featured in numerous magazines and newspapers. Chris Okada was determined to secure him as a tenant and employed various methods to reach out, including email, Instagram, and Facebook. After visiting the space, negotiations took place and an agreement was reached within a week. The penthouse office offers a stunning view and was previously a Jewelry showroom. Darwin has plans to transform the space into a high-end VIP tattoo parlor, art gallery, and a fully equipped area for video and social media content creation. Chris Okada holds great respect for Darwin's talent and vision, along with his large following. This deal highlights the importance of every opportunity in the real estate industry and the faith in the future of NYC.

Players

Christopher Okada

Okada & Company

Broker

$352.8M

vol

84 deals

Broker
Gatsby Enterprises
Gatsby EnterprisesLandlord

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