Michael Fahey Leases Multifamily Space At 90 Water Street To Skullfade For $185/ft
90 Water Street
$185
$185/SF
Building Size
550 SF
Asset Type
MultiFamily
Closing
Dec 1, 2024
AI
The property involved in this transaction is located at 90 Water Street in the Financial District. This multifamily asset has a leasing price of $185 per square foot, covering a total area of 550 square feet. The lease type for this transaction is classified as a retail lease, and it has been vacant since the pandemic.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $185/ft
- Square Footage: 550
- Address: 90 Water Street
- Market: Financial District
- Landlord: Michael Fahey
- Tenant: Skullfade
- Landlord's Representative: Tanner Zar, Tyler Zar & Adam Lavian - Titan Group New York
- Tenant's Representative: Miles Sabbagh - KSR
- Lease Type: Retail Lease
This transaction was facilitated by the landlord's representatives from Titan Group New York, who managed the leasing process after the space was vacant for an extended period. The lease was signed after two months of efforts, demonstrating the persistence of the team involved. Titan Group New York provides specialized services in both commercial and residential leasing.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
85745.95%
Cash-on-Cash
-24506.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93