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:
- Property Type: Retail
- Transaction Amount: Seven-figure annual rent
- Address: 149 West 46th Street
- Landlord: Roosevelt Lee
- Tenant: Kitchen & Kocktails
- Landlord's Representative: Thomas Capuano & Christopher Okada - Okada & Company
- Tenant's Representative: Cosmo Montemurro & Jarrett Sharp - Murro Realty
- Lease Type: Modified Gross Lease
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
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