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209 West 38th Street New Yo...

Updated Dec 2, 2024

GFP Real Estate Finalizes Four Lease Agreements At 209 West 38th St In Garment District
LEASEDRetail

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

GFP Real Estate
GFP Real EstateLandlord

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

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