Jack Toomey Leases 15,000 SF At 520 8th Ave With Landlord David Kaye & Matthew Mandell
520 8th Avenue
Building Size
15,000 SF
Asset Type
Commercial
Closing
Feb 13, 2024
AI
The property at 520 8th Avenue in Midtown South encompasses 15,000 square feet and serves as the setting for a new rooftop restaurant and lounge. The space is leased by Rooftop Hospitality Group LLC to create a dining and outdoor amenity area set to debut by early 2025, offering tenants a unique hospitality experience.
Summary of transaction details:
- Property Type: Commercial
- Transaction Amount: Not specified
- Landlord: David Kaye & Matthew Mandell - GFP Real Estate
- Tenant: Jack Toomey - 230 Fifth Avenue Rooftop Bar
Jack Toomey from the 230 Fifth Avenue Rooftop Bar has signed the lease agreement, facilitated by landlords David Kaye and Matthew Mandell of GFP Real Estate. Rooftop Hospitality Group LLC's initiative will transform the 15,000 square feet atop 520 Eighth Ave into a vibrant rooftop restaurant and lounge for the enjoyment of Midtown South tenants.
Players
New York 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