Stepping Out Studios Leases Office Space In Hells Kitchen From I.M.P. Plumbing & Heating
617 West 46th Street, New York City, New York 10036, United States
Building Size
5,000 SF
Asset Type
Office
Closing
Nov 30, 2021
AI
Stepping out Studios has leased a 5,000 square foot office space located at 617 W. 46th Street in Hell's Kitchen, as per the post shared on Instagram by Matt Newman. The lease deal was facilitated by Matt Newman of REPOP Advisors LLC. The transaction was completed on 12/01/2021.
Summary of transaction details:
- Property Type: Office
- Transaction Date: 12/01/2021
- Address: 617 W. 46th Street, Hell's Kitchen
- Market: Hell's Kitchen
- Landlord: I.M.P. Plumbing & Heating - Andrew Impagliazzo
- Tenant: Stepping out Studios - George Ciao
Stepping out Studios, led by George Ciao, will be occupying the office space previously owned by I.M.P. Plumbing & Heating. The deal was brokered by Matt Newman from REPOP Advisors LLC.
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