Apple Leases Retail Space At 11 Penn PLZ, New York From Macy's
11 Penn PLZ, New York, NY, 10001
Building Size
116,000 SF
Asset Type
Retail
Closing
Nov 25, 2020
AI
The retail property located at 11 Penn Plaza in New York, NY, 10001, boasts a sizable 116,000 square feet. The lease for this asset was finalized on November 25, 2020, with Apple as the tenant and Macy's as the landlord.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: Not Applicable
- Tenant's Representative: Peter Riguardi (JLL)
- Landlord's Representatives: Liz Lash, Ross Zimbalist, Scott Gottlieb (CBRE)
Noteworthy individuals in this deal include Peter Riguardi from JLL, representing Apple as the tenant. On the landlord's side, Liz Lash, Ross Zimbalist, and Scott Gottlieb from CBRE facilitated the lease agreement with Macy's. The collaboration between these representatives culminated in the successful conclusion of the transaction.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93