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1175 2nd Avenue, New York, ...

Heavenly Market Leases Retail Space At 1175 Second Ave. On Upper East Side
LEASEDRetail

Heavenly Market Leases Retail Space At 1175 Second Ave. On Upper East Side

1175 2nd Avenue, New York, NY 10065

Building Size

1,200 SF

Asset Type

Retail

Closing

Dec 28, 2021

AI

Heavenly Market, a retail tenant, has leased a space at 1175 Second Ave. in the Upper East Side market of New York City. The property, spanning 1,200 square feet, was leased from Five Mill Enterprise. The transaction was facilitated by Brian Rodriguez from Oxford Property Group, who represented Heavenly Market, and Ben Biberaj from Meridian Retail Leasing, who represented Five Mill Enterprise. The asking rent for the space was $180 per square foot.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Date: 12/28/2021
  • Address: 1175 Second Ave.
  • Market: Upper East Side
  • Tenant: Heavenly Market
  • Tenant's Representative: Brian Rodriguez - Oxford Property Group
  • Landlord: Five Mill Enterprise
  • Landlord's Representative: Ben Biberaj - Meridian Retail Leasing
  • Asking Rent: $180/ft.
  • Square Footage: 1,200

The deal between Heavenly Market and Five Mill Enterprise for the retail space at 1175 Second Ave. was successfully negotiated. Brian Rodriguez, representing Heavenly Market, worked with Oxford Property Group while Ben Biberaj, representing Five Mill Enterprise, was with Meridian Retail Leasing. The lease was signed on 12/28/2021, with an asking rent of $180 per square foot.

Players

Ben Biberaj

IPRG Retail Leasing

Broker

$26.2M

vol

204 deals

Broker
HM
Heavenly MarketTenant

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