Ciaran McGuigan Of The Malin Secures Sublease From Harvey Spevak Of Equinox In Manhattan
897 Broadway
Building Size
33,000 SF
Asset Type
Office
Closing
Nov 18, 2024
AI
The property asset involved in this transaction is located at 897 Broadway, situated in Manhattan. The lease is for a sublease covering 33,000 square feet of office space, with the tenant occupying the top two floors of the historic Flatiron building. The landlord, Equinox, retains the master lease for the building, which includes the bottom three floors.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 897 Broadway
- Market: Manhattan
- Asset Size: 33,000 square feet
- Landlord: Harvey Spevak - Equinox
- Tenant: Ciaran McGuigan - The Malin
- Landlord's Representative: Jeff Fischer & Conor Krup - CBRE
- Tenant's Representative: John Mears & Jeremy Zidell - RUE
- Lease Type: Sublease
This lease transaction sees The Malin planning to open a new location in the spring, confirming their expansion into Manhattan's co-working space market. The co-working company aims to utilize the stylish characteristics the space offers. The involvement of representatives from CBRE and RUE highlights the collaborative efforts made to secure this transaction.
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