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
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