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60 Charlton St New York, NY...

Arcade Songs Expands Operations, Relocates To 60 Charlton St. In Hudson Square
LEASEDOffice

Arcade Songs Expands Operations, Relocates To 60 Charlton St. In Hudson Square

60 Charlton St New York, NY 10013, USA

$90

$90/SF

Building Size

18,970 SF

Asset Type

Office

Closing

Jun 4, 2023

AI

The office property at 60 Charlton Street in Hudson Square has been leased by Arcade Songs, a music company led by Grammy-nominated songwriter and producer Gregg Wattenberg. The new boutique office building, owned by AEW Capital Management in collaboration with APF Properties and Drake Street Partners, offers Arcade Songs a significantly larger space of 18,970 square feet. The asking rent for the space is in the $90s per square foot.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not Applicable (leased)
  • Address: 60 Charlton Street
  • Market: Hudson Square

Arcade Songs, represented by Alex D’Amario and Gary Davies of CBRE, will be occupying the property. The leasing deal was negotiated by Mitchell Konsker and Benjamin Bass of JLL, who represented the landlord AEW Capital Management. The relocation to 60 Charlton Street allows Arcade Songs to expand its operations and take advantage of the larger space available in the building.

Players

Benjamin Bass

JLL

Broker

$770M

vol

27 deals

Broker
AEW Capital Management
AEW Capital ManagementLandlord

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

176255.56%

Cash-on-Cash

-50374.38%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93