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233 Broadway

Hawthorne Country Day School Leases 34,076 SF Space In Woolworth Building, TriBeCa
LEASEDSchool

Hawthorne Country Day School Leases 34,076 SF Space In Woolworth Building, TriBeCa

233 Broadway

$49

$49/SF

Building Size

34,076 SF

Asset Type

School

Closing

Nov 28, 2023

AI

The Hawthorne Country Day School, a specialized educational facility for children on the autism spectrum, has secured a 34,076-square-foot space in the iconic Woolworth Building located at 233 Broadway in TriBeCa. The school has signed a 15-year lease for its new campus, in a deal facilitated by the landlords, Steven Witkoff of the Witkoff Group and Cammeby’s International.

Summary of transaction details

The deal was spearheaded by the tenant's representatives, Alexander Kesseler, Howard Kesseler, and Todd Hershman of Newmark. The landlord's representatives, David Ofman of The Lawrence Group and Josef Yadgarov of The Corcoran Group, also played a pivotal role in the transaction. This lease agreement allows the Hawthorne Country Day School to establish a new campus in a prestigious location, providing an optimal environment for their specialized programs and services.

Players

Josef Yadgarov

The Corcoran Group

Broker

4 deals

Broker
Cammeby’s International Group
Cammeby’s International GroupLandlord

New York School Market Snapshot

Boundary boundary · School · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

323734.69%

Cash-on-Cash

-92524.37%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93