Wright Palmer's The Beekman Partnership Leases Retail Space To Pro-Pro Nails In Lenox Hill
1058 3rd Avenue
$199
$199/SF
Building Size
1,532 SF
Asset Type
Retail
Closing
Jan 10, 2025
AI
The retail asset located at 1058 3rd Avenue in Lenox Hill, Manhattan features a total square footage of 1,532. The property is leased under a Modified Gross Lease with an asking rent of $199 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $199/ft
- Square Footage: 1,532
- Address: 1058 3rd Avenue
- Market: Lenox Hill, Manhattan
- Landlord: Wright Palmer - The Beekman Partnership
- Tenant: Pro-Pro Nails
- Landlord's Representative: Robin Abrams, Rebecca Olshan & Nick Zilkha - Compass
- Tenant's Representative: Kevin Bisconti & Benjamin Zone - Meridian Capital Group
This transaction involved notable industry professionals, including the representatives from both the landlord and tenant sides. Robin Abrams, Rebecca Olshan, and Nick Zilkha represented the landlord, while Kevin Bisconti and Benjamin Zone acted as the tenant's representatives, ensuring the terms of the lease were effectively negotiated.
Players
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
79713.57%
Cash-on-Cash
-22782.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93