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60 E 42nd St, New York, NY,...

Belkin Burden Goldman, LLP Leases 30598 Square Feet At 60 E 42nd St New York
LEASEDOffice

Belkin Burden Goldman, LLP Leases 30598 Square Feet At 60 E 42nd St New York

60 E 42nd St, New York, NY, 10165

Building Size

30,598 SF

Asset Type

Office

Closing

Jan 29, 2021

AI

One Grand Central Place is a 55-story building located at 60 E 42nd St, New York, NY, 10165, where Belkin Burden Goldman, LLP has signed a long-term lease for 30,598 square feet. The property is under the ownership of Empire State Realty Trust and is situated in the New York market, known for its prominent location directly across from Grand Central Terminal.

Summary of transaction details:

  • Property Type: Lease
  • Transaction Amount: Not specified
  • Tenant: Belkin Burden Goldman, LLP
  • Landlord: Empire State Realty Trust
  • Tenant's Representatives: Colm Ralph (Savills), Daniel Horowitz (Savills), Jacob Stern (Savills)
  • Landlord's Representatives: Scott Klau (Newmark), Erik Harris (Newmark), Neil Rubin (Newmark), Billy Cohen (Newmark)
  • Square Feet: 30,598
  • Previous Location: 270 Madison Avenue
  • Lease Negotiation Team: Jeffrey Peck (Savills), Daniel Horowitz (Savills), Roi Shleifer (Savills), Jacob Stern (Savills), Colm Ralph (Savills)

The lease for Belkin Burden Goldman, LLP was negotiated over a six-month period after thorough exploration of the market. Jeffrey Peck, a vice chairman at Savills, highlighted that the firm identified the space as a suitable long-term home aligning with its business goals, particularly focusing on sustainability and employees' workspace needs. Jeffrey Goldman and Daniel Altman, partners at BBG, expressed confidence in New York City's future, reinforcing their decision to relocate to One Grand Central Place.

Players

Daniel Horowitz

Savills

Broker

18 deals

Broker
Empire State Realty Trust
Empire State Realty TrustLandlord

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