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
About this deal
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.
On the Map
$52
$52/SF
Office
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Players
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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