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:
- Property Type: Office
- Transaction Amount: $85 psf
- Address: 60 East 42nd Street
- Market: Midtown Manhattan
- Landlord: Thomas Durels & Anthony E. Malkin
- Landlord's Representative: Brent Ozarowski, Cole Gendels, Erik Harris, Neil Rubin, Scott Klau & Zach Weil - Newmark; Jordan Berger & Shanae Ursini - Empire State Realty Trust
- Tenant: Glenn D. Fogel
- Tenant's Representative: Frederick Fackelmayer & Joshua Pernice - CBRE
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
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