NY Fitness Fest Gym Leases Mixed-Use Space At 253 Fifth Avenue In NoMad
253 5th Avenue, Manhattan, New York, NY, USA
Building Size
3,000 SF
Asset Type
Mixed-use
Closing
Jun 16, 2020
About this deal
AI
253 Fifth Avenue in NoMad has been recently leased in a closed transaction. The asset is a mixed-use property.
Summary of transaction details
- Property Type: Mixed-use
- Address: 253 Fifth Avenue
- Market: NoMad
- Tenant: NY Fitness Fest Gym
- Landlord: Gatsby Realty
- Tenant's Representative: Nick Zarnin - Savillis
- Landlord's Representatives: Chris Okada & Hiro Iwata - Okada & Company
- Asking Rent: $42/ft.
- Square Footage: 3,000 SF
- Date of Lease: 06/16/2021
The tenant, NY Fitness Fest Gym, has secured the lease for this mixed-use property located at 253 Fifth Avenue in NoMad. The lease was facilitated by the tenant's representative, Nick Zarnin from Savillis, and the landlord's representatives, Chris Okada and Hiro Iwata from Okada & Company. The asking rent for the property was $42 per square foot for a 3,000 square foot space. The lease agreement was finalized on June 16, 2021.
NOTE FROM @ChrisOkada: FOLLOW @ChrisOkada! 472 Days... That's how many days it took for NYC to open back up. If you're reading this you made it out alive! Now its time to rebuild! Big Shout Out to all the hustlers and the deal closers that never left! I am very very sure your market share has increased & for everyone else... WELCOME BACK TO NEW YORK CITY!! Every deal counts! Always be closing! Betting on NYC!
Players
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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