Ramp Expands Office Lease At 28-40 West 23rd Street In Flatiron District For 175,000 SF
28-40 West 23rd Street
Building Size
175,000 SF
Asset Type
Office
Closing
Oct 27, 2026
About this deal
AI
The transaction involves a lease for office space located at 28-40 West 23rd Street in the Flatiron District of Manhattan. The property has a total size of 175,000 square feet. The landlord for this asset is Michael Cohen from Williams Equities.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Market: Flatiron District, Manhattan
- Landlord: Michael Cohen - Williams Equities
- Tenant: Eric Glyman - Ramp
- Landlord's Representative: Andrew Roos, Mac Roos, Rachel Kirkham & Jessica Verdi - Colliers
- Tenant's Representative: Ryan Alexander, Jared Isaacson & Jeffrey Frenkel - CBRE
Ramp expanded its office footprint at the 28-40 West 23rd Street complex, increasing its total space to 460,300 square feet. The transaction was facilitated by a team of representatives from both Colliers and CBRE, representing the landlord and tenant respectively.
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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