Olivio Bakery & Coffee Signs Lease In Midtown Manhattan With Landlord Cipriani At $196/ft
120 East 42nd Street
$196
$196/SF
Building Size
1,344 SF
Asset Type
Retail
Closing
Oct 21, 2024
AI
The asset involved in the transaction is a retail space located at 120 East 42nd Street in Midtown Manhattan. The lease price is $196 per square foot for a total square footage of 1,344. This arrangement is classified as a Modified Gross Lease.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $196/ft
- Square Footage: 1,344
- Address: 120 East 42nd Street
- Market: Midtown Manhattan
- Sublandlord: Cipriani - Michael Desiderio
- Subtenant: Olivio Bakery & Coffee
- Landlord's Representative: Barry Goodman - Newmark
- Tenant's Representatives: Kyle Fink & Benny Sternberg - Meridian Capital Group
Key individuals involved in the deal include Barry Goodman from Newmark representing the landlord and the team of Kyle Fink and Benny Sternberg from Meridian Capital Group representing the tenant. The sublandlord is Michael Desiderio from Cipriani, and the subtenant is Olivio Bakery & Coffee.
Players
New York Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
80933.67%
Cash-on-Cash
-23131.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93