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12th Ave

D’strict Leases 51,979 Square Feet At Chelsea Piers Represented By CBRE Brokers
LEASEDCommercial

D’strict Leases 51,979 Square Feet At Chelsea Piers Represented By CBRE Brokers

12th Ave

Building Size

51,979 SF

Asset Type

Commercial

Closing

Sep 24, 2024

AI

The transaction involves a commercial asset with a total square footage of 51,979 located within the Chelsea Piers market. The space will be utilized by D’strict for the Arte Museum, which will feature immersive media art focused on the theme of "eternal nature."

Summary of transaction details:

This deal involves key individuals such as Edward Pitoniak representing Vici Properties and Sean Lee representing D’strict. The brokerage team from CBRE, including Anthony Dattoma, Anthony Jasenski, Neil King, and Paul Amrich, facilitated the transaction.

Players

Paul Amrich

CBRE

Broker

37 deals

Broker

Market Commercial Market Snapshot

Boundary boundary · Commercial · 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