Bill Gates-led C16 Biosciences Leases 20,000 Sqft Office Space In Hell's Kitchen
619 West 54th Street, Manhattan, New York, NY, USA
Building Size
20,000 SF
Asset Type
Office
Closing
Apr 22, 2021
About this deal
AI
The recently closed property transaction in Hell's Kitchen involved an office space located at 619 W. 54th Street. The asset, spanning 20,000 square feet, was leased by C16 Biosciences. The lease was facilitated by brokers John Isaacs, Jonathan Schifrin, and Alessio Tropeano of BRE. The landlord of the property was Silverstein Properties and Taconic Partners.
Summary of transaction details
- Property Type: Office
- Address: 619 W. 54th Street
- Market: Hell's Kitchen
- Tenant: C16 Biosciences
- Landlord: Silverstein Properties & Taconic Partners
- Brokers: John Isaacs, Jonathan Schifrin & Alessio Tropeano - BRE
- Asking Rent: $90/ft.
- SF: 20,000
It's worth noting that C16 Biosciences received a $20 million Series A funding round led by Bill Gates in March 2020. The New York-based startup is primarily focused on developing sustainable, lab-grown alternatives to conventional palm oil production.
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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