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1066 2nd Avenue

Updated Dec 4, 2024

Mazi Hospitality Group Corp. Leases Retail Space From John Kalas In Midtown East Manhattan
LEASEDRetail

Mazi Hospitality Group Corp. Leases Retail Space From John Kalas In Midtown East Manhattan

1066 2nd Avenue

$252

$252/SF

Building Size

1,000 SF

Asset Type

Retail

Closing

Sep 27, 2024

About this deal

AI

The property involved in the transaction is a retail asset located at 1066 2nd Avenue in Midtown East, Manhattan. The property has a total square footage of 1,000 and has an asking rent of $252 per square foot, structured as a retail lease.

Summary of transation details:

  • Property Type: Retail
  • Transaction Amount: $252/ft
  • Address: 1066 2nd Avenue
  • Market: Midtown East, Manhattan
  • Landlord: John Kalas - JJNK corp
  • Tenant: Mazi Hospitality Group Corp.
  • Landlord's Representative: Emilian Derguti - Capstone Properties
  • Tenant's Representative: James Famularo - Meridian Capital Group

The leasing transaction was facilitated by John Kalas representing the landlord, JJNK corp, and Mazi Hospitality Group Corp. as the tenant. Emilian Derguti and James Famularo played pivotal roles as representatives of their respective parties, ensuring the successful execution of the lease agreement.

Players

James Famularo

Meridian Capital Group

Broker

$11.4M

vol

376 deals

Broker

New York Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Deal FAQ

About $252 per square foot on a published $252 for 1,000 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

62948.41%

Cash-on-Cash

-17990.85%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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