LEASEDChurch
The Journey Church NYC Extends 10-Year Lease At 247 West 37th St
247 West 37th Street
Building Size
8,643 SF
Asset Type
Church
Closing
Jan 31, 2024
AI
The Journey Church NYC has signed a 10-year lease extension for its 8,643-square-foot space on the third floor of 247 West 37th St. in the Garment District.
Summary of transaction details:
- Property Type: Church
- Transaction Amount: Not specified
- Address: 247 West 37th Street
- Market: Garment District
- Asset Type: Church
- Square Footage: 8,643 SF
Matthew Mandell from GFP Real Estate represented the landlord, and Gary Youm from JLL represented The Journey Church NYC in the lease extension deal.
Players
New York Church Market Snapshot
Boundary boundary · Church · 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