Connect News Commercial Real Estate news for every market and every facet, every day.
Connect CRE Events Live and virtual events bringing together the best of information and networking.
CRE Industry Events Live industry events.
Connect Creative A full service marketing and PR agency.
Connect Classroom Offering CRE focused continuing education courses on demand.
ApartmentBuildings.com Is a dynamic platform to search for, list and promote multifamily listings nationwide.
Connect Awards View the A-list of commercial real estate & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
Loantuitive Find the right lender for your loan.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
Connect News

Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.

Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.

Find Your Course
High-rise commercial buildings

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Midtown New York + New York  + Office  |  May 23, 2023
1400-Broadway-Manhattan.jpg
Emily Fu
By: Emily Fu

Flagstar Bank Fills in Signature Bank’s 1400 Broadway Lease 

Empire State Realty Trust (ESRT) has announced that Flagstar Bank has taken over the entire lease at 1400 Broadway, previously held by Signature Bank.  

The lease assumption will be carried out under the same terms through 2039, with a rent reduction of approximately $3 per square foot for the first five years of the lease. This reduction amounts to an approximate 1.5% rent decrease over the lease’s duration. ESRT will reverse $5.8 million of the $6.4 million straight-line reserve recorded in the first quarter of 2023 in the second quarter of the same year.  

These adjustments are estimated to impact the 2023 annual Funds from Operations (FFO) by approximately $0.02 per share. Any further updates regarding FFO guidance will be provided when ESRT reports its second-quarter 2023 earnings. 

Connect

Inside The Story

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
Order Reprints
  • ◦Lease