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112 W 34th St, New York, NY...

Target Leases 43K SF Retail Space At 112 W 34th St, New York
LEASEDRetail

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:

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

Peter Ripka

Ripco

Broker

8 deals

Broker
Empire State Realty Trust
Empire State Realty TrustLandlord

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