GFP Real Estate Finalizes Four Lease Agreements At 209 West 38th St In Garment District
209 West 38th Street New York, New York 10018, USA
Building Size
5,066 SF
Asset Type
Retail
Closing
Aug 2, 2023
About this deal
AI
GFP Real Estate has finalized four lease agreements totaling 5,066 square feet at 209 West 38th St. in the Garment District. The tenants include Lady and Butler, Zateks Textile Inc., Duo Showroom, and Ness Legwear LLC, who secured or extended their leases for spaces ranging from 820 to 1,679 square feet. This demonstrates the continued demand for well-located loft space in the area.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: N/A
- Square Footage: 5,066
- Address: 209 West 38th St
- Market: Garment District
GFP Real Estate successfully negotiated lease agreements with Lady and Butler, Zateks Textile Inc., Duo Showroom, and Ness Legwear LLC. These tenants have recognized the value of the loft space at 209 West 38th St and have secured or extended their leases for spaces ranging from 820 to 1,679 square feet.
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