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149 West 46th Street

Kitchen & Kocktails Leases 20,000 SF Retail Space In Midtown Manhattan From Landlord Roosevelt Lee
LEASEDRetail

Kitchen & Kocktails Leases 20,000 SF Retail Space In Midtown Manhattan From Landlord Roosevelt Lee

149 West 46th Street

$150

$150/SF

Building Size

20,000 SF

Asset Type

Retail

Closing

Nov 8, 2024

AI

The property involved in the transaction is a 20,000 SF retail building located at 149 West 46th Street in the Midtown Manhattan market. The asking rent was set at $150 per square foot, and it operates under a modified gross lease structure. The premises had been vacant since 2020 when it was previously occupied by TGIF, and it had faced a challenging leasing period lasting 3.5 years before being reintroduced to the market.

Summary of transaction details:

The successful lease was finalized within seven months of Okada & Company's engagement with the landlord, who had begun marketing the property in April 2024. After generating significant interest and multiple offers, the property was ultimately leased to Kitchen + Cocktails, which will occupy all four floors plus the basement. This transaction highlights the effective collaboration between Okada & Company and Murro Realty, showcasing their ability to connect tenants with prime retail spaces.

Players

Christopher Okada

Okada & Company

Broker

$352.8M

vol

86 deals

Broker

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

105753.33%

Cash-on-Cash

-30224.63%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93