facebook
TradedTraded
    Home
    Search
    Closings
    Listings
    On Market
    Off Market
    Add a listing
    Vaults
    shh
    Rankings
    News
    Data
    Socials
    More


Messages

Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

New York

/

Office

/

Lease

/

60 East 42nd Street

Booking Holdings Expands Office Lease To 64,563 SF At Empire State Building In Midtown Manhattan
LEASEDOffice

Booking Holdings Expands Office Lease To 64,563 SF At Empire State Building In Midtown Manhattan

60 East 42nd Street

Building Size

64,563 SF

Asset Type

Office

Closing

Feb 20, 2025

AI

60 East 42nd Street is an office asset located in Midtown Manhattan, featuring a total square footage of 64,563. Booking Holdings enhanced its presence in the Empire State Building by renewing a lease for 27,377 square feet and adding another 37,186 square feet for a total space of 64,563 square feet, with a price of $85 per square foot.

Summary of transaction details:

This transaction highlights key players, including landlords Thomas Durels and Anthony E. Malkin from Empire State Realty Trust, and tenant representative Glenn D. Fogel from Booking Holdings. The arrangement was facilitated through various representatives from Newmark and CBRE, ensuring a comprehensive approach to the lease negotiation process.

Players

Scott Klau

Newmark

Broker

22 deals

Broker

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

Loading comparables…

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