LEASEDOffice
Suno AI Leases 12,048 Square Feet Office In Chelsea From Eagle Point Properties
515 West 20th Street
Building Size
12,048 SF
Asset Type
Office
Closing
Aug 5, 2026
About this deal
AI
The leasing transaction involves an office space measuring 12,048 square feet located at 515 West 20th Street in the Chelsea market of Manhattan.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Disclosed
- Address: 515 West 20th Street
- Market: Chelsea, Manhattan
- Asset Type: Office
- Landlord: Eagle Point Properties
- Tenant: Mikey Shulman - Suno AI
- Landlord's Representative: Michael Segerman - Current Real Estate Advisors
- Tenant's Representative: Joseph Sipala - JLL
This lease represents Generative AI music platform Suno's entry into the New York City market, marking its establishment of a physical office in the growing sector of AI companies in West Chelsea.
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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