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11 Penn PLZ, New York, NY, ...

Apple Leases Retail Space At 11 Penn PLZ, New York From Macy's
LEASEDRetail

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:

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

Peter Riguardi

JLL

Broker

$38.2M

vol

17 deals

Broker
Macy's
Macy'sLandlord

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