Versace Leases 2,790 SF Retail Space On Palm Beach's Worth Avenue
243 Worth Avenue
Building Size
2,790 SF
Asset Type
Retail
Closing
Dec 14, 2023
About this deal
AI
Emmanuel Gintzburger and Robert Klecinsky have arranged a lease transaction for a retail space located at 243 Worth Avenue in Palm Beach. The property, spanning 2,790 square feet, is situated in the luxury retail hotspot of Worth Avenue.
Summary of transation details
- Property Type: Retail
- Transaction Amount: Not applicable
- Address: 243 Worth Avenue, Palm Beach
- Market: Palm Beach
- Tenant: Versace - Emmanuel Gintzburger
Cushman & Wakefield, represented by Robert Klecinsky, facilitated the deal between the landlord, 237-243 Worth Avenue Corporation, and Versace. This lease marks Versace's first store in Palm Beach and is considered a mini flagship. The retail space officially opened in November and contributes to the luxury retail presence on Worth Avenue.
West Palm Beach Retail Market Snapshot
Boundary boundary · Retail · Lease 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