Empire State Realty Trust, Inc. Leases Office Space To Sol De Janeiro USA In Midtown Manhattan
60 East 42nd Street
Building Size
57,203 SF
Asset Type
Office
Closing
Feb 21, 2024
AI
Located at 60 East 42nd Street in Midtown Manhattan, the office space spans 57,203 square feet and was leased by Sol de Janeiro USA.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Landlord: Thomas P. Durels - Empire State Realty Trust, Inc
- Tenant: Sol de Janeiro USA
- Landlord's Rep: Erik Harris, Neil Rubin, Scott Klau, William (Billy) Cohen - Newmark & Jordan Berger - Empire State Realty Trust (ESRT)
- Tenant's Rep: Brent Ozarowski - Newmark
Empire State Realty Trust, Inc. and Newmark played pivotal roles in finalizing the 11-year lease agreement between Sol de Janeiro USA and the property owner, Thomas P. Durels. The Empire State Realty Trust, Inc. facilitated the transaction on behalf of the landlord, while Newmark represented the tenant in this office lease.
Players
Brooklyn 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