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110 West 40th Street

Updated Dec 4, 2024

Evergold Properties Secures Lease For South African Restaurant In Midtown Manhattan
LEASEDRetail

Evergold Properties Secures Lease For South African Restaurant In Midtown Manhattan

110 West 40th Street

Building Size

2,441 SF

Asset Type

Retail

Closing

Jun 7, 2024

About this deal

AI

A South African seafood restaurant is set to open in Midtown Manhattan at 110 West 40th Street, occupying a 2,441 square feet retail space. The lease for this property was secured by Mr. Bao, with Evergold Properties facilitating the deal. The agreement was reached with an asking rent of $375,000 per year.

Summary of transation details:

  • Property Type: Retail
  • Transaction Amount: $375,000/Year
  • Address: 110 West 40th Street
  • Market: Midtown Manhattan
  • Asset Size: 2,441 SF
  • Landlord's Rep: Brett Maslin & David Levy - Adams & Company
  • Tenant's Rep: Evergold Properties

The lease agreement for the South African seafood restaurant at 110 West 40th Street was facilitated by Evergold Properties, representing the tenant, Mr. Bao. On the other side, the landlord was represented by Brett Maslin and David Levy from Adams & Company.

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Players

Brett Maslin

Broker

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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

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