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104 8th Avenue

Ramen Restaurant Leases Retail Space In Chelsea Manhattan For $172/sf
LEASEDRetail

Ramen Restaurant Leases Retail Space In Chelsea Manhattan For $172/sf

104 8th Avenue

$172

$172/SF

Building Size

1,400 SF

Asset Type

Retail

Closing

Apr 15, 2024

AI

The retail property located at 104 8th Avenue in Chelsea, Manhattan, was leased for a total of 1,400 square feet at an asking rent of $172 per square foot. The landlord, Daniel Wrublin of Dalan Management, secured a lease with a Ramen Restaurant. The property was represented by Richard Skulnik, Lindsay Zegans, Ben Sabin, and Mary Schwagerl from Ripco on behalf of the landlord, while the tenant, Ramen Restaurant, was represented by Noam Aziz from Meridian Capital Group.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not provided
  • Address: 104 8th Avenue
  • Market: Chelsea, Manhattan
  • Landlord: Daniel Wrublin - Dalan Management
  • Tenant: Ramen Restaurant
  • Landlord's Rep: Richard Skulnik, Lindsay Zegans, Ben Sabin & Mary Schwagerl - Ripco
  • Tenant's Rep: Noam Aziz - Meridian Capital Group
  • Asking Rent: $172/ft
  • SF: 1,400
  • Lease Type: Retail Lease

The deal involved key individuals such as Richard Skulnik, Lindsay Zegans, Ben Sabin, and Mary Schwagerl representing the landlord, Daniel Wrublin, on one side. On the other side, Noam Aziz represented the tenant, Ramen Restaurant, in the retail lease transaction. This lease agreement highlights the collaborative efforts of the landlord's representatives from Ripco and the tenant's representative from Meridian Capital Group in successfully securing the deal.

Players

Ben Sabin

Ripco

Broker

3 deals

Broker

New York Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

92226.74%

Cash-on-Cash

-26358.69%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93