TF Cornerstone Acquires Office To Residential Conversion At 135 East 57th Street From The Wallace Estate
135 East 57th Street
Building Size
440,699 SF
Asset Type
Office
Closing
Aug 3, 2025
About this deal
AI
The property involved in this transaction is located at 135 East 57th Street, situated in the Midtown Manhattan area. It has undergone an office to residential conversion, encompassing a substantial square footage of 440,699. The sale was executed between TF Cornerstone and The Wallace Estate.
Summary of transaction details:
- Property Type: Office to Residential Conversion
- Transaction Amount: Not disclosed
- Address: 135 East 57th Street
- Market: Midtown Manhattan
- Asset Size: 440,699 SF
- Buyer: TF Cornerstone
- Seller: The Wallace Estate
- Brokers: Andrew Scandalios, David Giancola, Drew Isaacson & Jennifer Zelko - JLL
The brokers facilitating this transaction included Andrew Scandalios, David Giancola, Drew Isaacson, and Jennifer Zelko, all representing JLL. Their involvement highlights the brokerage expertise supporting this deal between the buyer and seller.
On the Map
Office
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Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93