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240 West 37th Street, Manha...

Deeptech Inc. Leases Office Space At 240 West 37th Street In Midtown West
SOLDOffice

Deeptech Inc. Leases Office Space At 240 West 37th Street In Midtown West

240 West 37th Street, Manhattan, New York, NY, USA

$60,000,000

$8,219/SF

Building Size

7,300 SF

Asset Type

Office

Closing

Apr 27, 2021

AI

Deeptech Inc. has recently leased an office space located at 240 West 37th Street in Midtown West. The property, spanning 7,300 square feet, was leased from the landlord, Sioni Group. The lease transaction was facilitated by Joshua Berg of Newmark Knight Frank and Daniel Lolai, Eric Siegel, and Joel Kubie of LSL Advisors. The asking rent for the space was $49 per square foot.

Summary of transation details

Players

Daniel Lolai

LSL Advisors

Broker

$211.9M

vol

91 deals

Broker
Signature Bank
Signature BankLender
Sioni Group
Sioni GroupLandlord

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

0.26%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93