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60 East 42nd Street

Updated Oct 13, 2026

ICapital Leases 78,704 SF Office Space At One Grand Central Place In Midtown Manhattan
LEASEDOffice

ICapital Leases 78,704 SF Office Space At One Grand Central Place In Midtown Manhattan

60 East 42nd Street

Building Size

78,704 SF

Asset Type

Office

Closing

Feb 20, 2025

About this deal

AI

The lease transaction involves an office asset located at 60 East 42nd Street in Midtown Manhattan, encompassing a total of 78,704 square feet. The property is part of a larger 1.2 million square foot building owned by Empire State Realty Trust.

Summary of transaction details:

The transaction highlights the involvement of significant individuals in the leasing process, with Thomas Durels and Anthony E. Malkin representing the landlord, while Lawrence Calcano acts as the tenant representative for iCapital. Additionally, Jordan Berge and Ryan Kass from Empire State Realty Trust, along with Neil Rubin, Scott Klau, William Cohen, and Erik Harris from Newmark, played essential roles in facilitating the lease agreement.

On the Map

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Office

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Players

Scott Klau

Newmark

Broker

25 deals

Broker
Empire State Realty Trust
Empire State Realty TrustBrokerage
Thomas Durels

Thomas Durels

Empire State Realty Trust

Landlord

$42M

vol

5 deals

Landlord

Lawrence Calcano

ICapital

Tenant
Tenant
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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

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