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420 West 51st Street

M's Bike Shop Leases Retail Space At 420 West 51st Street, New York With Ben Biberaj & Sammy Weiss - Meridian Retail Leasing
LEASED

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

Asset Type

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

Steve Croman

Centennial Properties

Broker

$50.1M

vol

40 deals

Broker
Steve Croman

Steve Croman

Centennial Properties

Landlord

$50.1M

vol

40 deals

Landlord
MS
M's Bike ShopTenant

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