Stepping Out Studios Leases Office Space In Times Square On 617 W. 46th Street
617 West 46th Street, Manhattan, New York, NY, USA
Building Size
5,000 SF
Asset Type
Office
Closing
Aug 15, 2020
About this deal
AI
An office space located at 617 W. 46th Street in Times Square has recently been leased. The property, measuring 5,000 square feet, was leased by Stepping Out Studios, a dance studio. The leasing deal was facilitated by Matt Newman of Current Real Estate. The asking rent for the space was $60 per square foot.
Summary of transation details
- Property Type: Office
- Transaction Amount: Leased
- Address: 617 W. 46th Street
- Market: Times Square
- Tenant: Stepping Out Studios
- Broker: Matt Newman - Current Real Estate
- Asking Rent: $60/ft.
- Square Footage: 5,000
Stepping Out Studios, a dance studio, leased an office space at 617 W. 46th Street in Times Square. The leasing deal was handled by Matt Newman from Current Real Estate. The space, measuring 5,000 square feet, was leased at an asking rent of $60 per square foot.
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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