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135 East 57th Street

TF Cornerstone Acquires Office To Residential Conversion At 135 East 57th Street From The Wallace Estate
SOLDOffice

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

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:

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.

Players

Andrew Scandalios

JLL

Broker

$12B

vol

68 deals

Broker
JLL
JLLBrokerage
TF Cornerstone
TF CornerstoneBuyer

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