M's Bike Shop Leases Retail Space At 420 West 51st Street, New York With Ben Biberaj & Sammy Weiss - Meridian Retail Leasing
420 West 51st Street
Building Size
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Asset Type
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Closing
Sep 9, 2022
AI
The asset involved in the transaction is a retail space located at 420 West 51st Street in New York. It has an asking rent of $60 per square foot and encompasses a total area of 3,500 square feet.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $60/ft
- Address: 420 West 51st Street
- Market: New York
- Landlord: Steve Croman
- Tenant: M's Bike Shop
- Brokers: Ben Biberaj & Sammy Weiss - Meridian Retail Leasing
Ben Biberaj and Sammy Weiss represented the landlord, Steve Croman, in the leasing transaction with M's Bike Shop as the tenant. The negotiation led to a lease agreement for the retail space within the competitive New York market.
Players
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93