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124 Seventh Avenue New York...

Terra Mediterrania Secures Long-Term Lease For 4,167 SF Retail Space At 124 Seventh Avenue In Chelsea
LEASEDRetail

Terra Mediterrania Secures Long-Term Lease For 4,167 SF Retail Space At 124 Seventh Avenue In Chelsea

124 Seventh Avenue New York, New York 10011, USA

Building Size

4,167 SF

Asset Type

Retail

Closing

Aug 23, 2023

AI

Terra Mediterrania has secured a long-term lease for the entire building at 124 Seventh Avenue in Chelsea, Manhattan. The property is a retail space with a size of 4,167 square feet. The lease was signed with HUBB NYC as the landlord.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: N/A
  • Address: 124 Seventh Avenue, Chelsea, Manhattan
  • Market: Chelsea, Manhattan
  • Square Footage: 4,167
  • Landlord: HUBB NYC
  • Tenant: Terra Mediterrania
  • Broker: Ariel Schuster, Darrell Rubens, and Ross Berkowitz - Newmark

The deal was facilitated by brokers Ariel Schuster, Darrell Rubens, and Ross Berkowitz from Newmark. They played a pivotal role in bringing together the landlord, HUBB NYC, and the tenant, Terra Mediterrania, for this lease agreement at 124 Seventh Avenue in Chelsea.

Players

Ariel Schuster

Newmark

Broker

$461.2M

vol

27 deals

Broker
HUBB NYC
HUBB NYCLandlord

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