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897 Broadway

Ciaran McGuigan Of The Malin Secures Sublease From Harvey Spevak Of Equinox In Manhattan
LEASEDOffice

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

Jeffrey Fischer

CBRE

Broker

16 deals

Broker

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