Ramp Expands Office Lease At 40 West 23rd Street In Flatiron To 285303 Square Feet
40 West 23rd Street
Building Size
285,303 SF
Asset Type
Office
Closing
Mar 15, 2026
AI
The property involved in this transaction is an office asset located at 40 West 23rd Street in the Flatiron District, comprising a total square footage of 285,303. The lease agreement represents a significant expansion for the tenant with the details of the deal finalized in early March 2026.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not Disclosed
- Address: 40 West 23rd Street
- Market: Flatiron District
- Landlord: Williams Equities
- Tenant: Ramp
- Landlord's Representative: Michael T. Cohen, Andrew Roos, Charles Roos & Jessica Verdi - Colliers
- Tenant's Representative: Ryan Alexander, Jared Isaacson & Jeffrey Frenkel - CBRE
The deal showcases Ramp's strategic expansion within the interconnected buildings located at 28 and 40 W. 23rd St., bringing its overall footprint to a substantial total. The transaction was facilitated by the collaboration of the landlord's and tenant's representatives, who played pivotal roles in finalizing the lease agreement.
Players
New York Office Market Snapshot
Boundary boundary · Office · All transaction types transactions
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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