Stellar Works Leases Mixed-Use Space At 304 Canal Street In SoHo With David Green & Ike Bibi As Brokers
304 Canal St, New York, NY 10013, USA
Building Size
1,800 SF
Asset Type
Mixed-use
Closing
Oct 28, 2020
About this deal
AI
304 Canal Street, located in SoHo, has recently been leased in a mixed-use transaction. The property, consisting of 1,800 square feet on the ground level and an additional 2,400 square feet on the lower level, was leased by Stellar Works.
Summary of transaction details:
- Property Type: Mixed Use
- Market: SoHo
- Tenant: Stellar Works
- Landlord: Vornado Realty Trust
- Brokers: David Green & Ike Bibi from Kassin Sabbagh Realty
- Asking Rent: $150 per square foot
The deal was facilitated by brokers David Green and Ike Bibi from Kassin Sabbagh Realty. The property, located at 304 Canal Street, caught the attention of Stellar Works, who signed the lease agreement with Vornado Realty Trust. The ground level spans 1,800 square feet, while the lower level offers an additional 2,400 square feet.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · 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