Target Leases 43K SF Retail Space At 112 W 34th St, New York
112 W 34th St, New York, NY, 10120
Building Size
43,000 SF
Asset Type
Retail
Closing
Mar 23, 2017
AI
The property at 112 W 34th St, New York, NY, 10120, is a retail asset with a square footage of 43,000. It is located in the Herald Square area of New York, close to Penn Station. The area is a bustling commercial hub, attracting a high volume of foot traffic due to its proximity to the flagship Macy's department store.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Landlord: Empire State Realty Trust
- Tenant: Target
- Brokers: Peter Ripka(Ripco), Richard Skulnick()
The deal involved key individuals and companies such as Shanae Ursini from Empire State Realty Trust, who represented the landlord. Peter Ripka, Richard Skulnick, and Jeffery Howard of Ripco Real Estate represented the tenant, Target, in the lease agreement. The involvement of these professionals contributed to the successful conclusion of the transaction, paving the way for Target to establish a significant retail presence in the Herald Square area.
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