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1239 Broadway

Workhouse Leases 12,000 SF Office Space At 1239 Broadway In Midtown Manhattan With Justin Management
LEASEDOffice

Workhouse Leases 12,000 SF Office Space At 1239 Broadway In Midtown Manhattan With Justin Management

1239 Broadway

$52

$52/SF

Building Size

12,000 SF

Asset Type

Office

Closing

Jan 28, 2025

AI

The property involved in this transaction is an office space located at 1239 Broadway in Midtown Manhattan. It features a total area of 12,000 square feet and is leased under a Modified Gross Lease at an asking rent of $52 per foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $624,000
  • Address: 1239 Broadway
  • Market: Midtown Manhattan
  • Landlord: Justin Management
  • Tenant: Workhouse
  • Landlord's Representative: Adam Justin
  • Tenant's Representatives: Eric Siegel & Chery Anavian - LSL Advisors
  • Lease Type: Modified Gross Lease

The transaction involves key representatives, with Adam Justin acting on behalf of Justin Management. The tenant, Workhouse, is represented by Eric Siegel and Chery Anavian from LSL Advisors, highlighting the collaboration between the involved parties to finalize this lease agreement.

Players

Eric Siegel

LSL Advisors

Broker

$96M

vol

56 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

305057.69%

Cash-on-Cash

-87186.42%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93