Olde City Cheesesteaks & Brew Leases Retail Space In Chelsea For $140/ft. At 201 Eighth Avenue
201 8th Avenue, Chelsea, New York, NY, USA
Building Size
2,400 SF
Asset Type
Retail
Closing
Nov 15, 2021
AI
The retail property located at 201 Eighth Avenue in Chelsea has been leased. The lease transaction took place on November 15, 2021. The property, spanning 2,400 square feet, is situated in a prime market.
Summary of transaction details
- Property Type: Retail
- Transaction Date: November 15, 2021
- Address: 201 Eighth Avenue, Chelsea
The landlord for this lease is Dimitris Vattes of Velios Capital. The tenant is Olde City Cheesesteaks & Brew. Andrew Taub from Newmark acted as the tenant's representative in the deal, while Ben Biberaj and Andrew Ingber from Meridian Retail Leasing represented the landlord during negotiations.
The asking rent for the leased property was $140 per square foot.
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