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231 W 39th St, New York, NY...

Fête New York Leases 12063 Square Feet At 231 W 39th St With Michael Yadgard As Tenant's Rep
LEASED

Fête New York Leases 12063 Square Feet At 231 W 39th St With Michael Yadgard As Tenant's Rep

231 W 39th St, New York, NY, 10018

$125

$125/SF

Building Size

12,063 SF

Asset Type

Closing

Nov 22, 2023

AI

A food hall named Fête New York will occupy 12,063 square feet at 231 W 39th St in New York. The property is located in the Garment Center and has a rental rate of $125 per square foot. The space is being designed by Carpenter & Mason and will feature nine culinary concepts created by former Godiva executive Doris Huang, with a central bar focusing on local brews and spirits.

Summary of transaction details:

  • Property Type: Lease
  • Transaction Amount: $125 per square foot
  • Address: 231 W 39th St, New York, NY, 10018
  • Market: New York
  • Landlord: 231/249 West 39 Street Associates
  • Tenant: Fête New York
  • Tenant's Rep: Michael Yadgard (Compass)
  • Square Feet: 12,063

Michael Yadgard of Compass represented Fête New York in this lease agreement, which spans 16 years. The ownership of the property, known as the Contemporary Fashion Center, was represented by James Buslik and Jeffrey Buslik of Adams & Co.

Players

Michael Yadgard

Compass

Broker

$31.8M

vol

13 deals

Broker
WA
West 39 Street AssociatesLandlord

New York CRE Market Snapshot

Boundary boundary · CRE · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

126904.00%

Cash-on-Cash

-36269.55%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93