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150 West 50th Street

Corcoran Group Brokers Lease Gallery Chang's Retail Space In Upper West Side
LEASEDRetail

Corcoran Group Brokers Lease Gallery Chang's Retail Space In Upper West Side

150 West 50th Street

$107

$107/SF

Building Size

2,553 SF

Asset Type

Retail

Closing

Jan 5, 2024

AI

The property involved in the transaction is located at 150 West 55th Street in the Upper West Side. The retail space, spanning 2,553 square feet, was leased by Gallery Chang - Something Sweet from the landlord, 150 West 55th Street Apartment Corp, represented by Tim Kane. The deal was facilitated by brokers Christopher Cavorti, Donald Lai, Evan Church, Marvin Chu, and Jon Jafari of The Corcoran Group, with an asking rent of $107 per square foot for a 5-year term.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Address: 150 West 55th Street
  • Market: Upper West Side

The Corcoran Group's team, comprised of Christopher Cavorti, Donald Lai, Evan Church, Marvin Chu, and Jon Jafari, played a pivotal role in negotiating the 5-year retail lease between Gallery Chang - Something Sweet and 150 West 55th Street Apartment Corp. This transaction highlights the collaboration between the key individuals and companies involved in the lease agreement.

Players

Christopher Cavorti

The Corcoran Group

Broker

$50.5M

vol

7 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

148252.34%

Cash-on-Cash

-42370.97%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93