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220 E 42nd St New York, NY ...

Medrite Signs NNN Lease For Retail Space At 220 E 42nd St In Midtown East With Landlord SL Green Realty And Tenant's Rep Greg Parassio - Booth Street
LEASEDRetail

Medrite Signs NNN Lease For Retail Space At 220 E 42nd St In Midtown East With Landlord SL Green Realty And Tenant's Rep Greg Parassio - Booth Street

220 E 42nd St New York, NY 10017, USA

$84

$84/SF

Building Size

4,722 SF

Asset Type

Retail

Closing

Sep 5, 2022

AI

The recently leased property in Midtown East at 220 E 42nd St has garnered attention in the real estate market. The asset type is a retail space, which spans approximately 4,722 square feet. The lease, signed on September 5, 2022, follows the NNN Lease model and features an asking rent of $84 per square foot.

Summary of transaction details

  • Property Type: Retail
  • Transaction Date: September 5, 2022
  • Address: 220 E 42nd St
  • Market: Midtown East
  • Asking Rent: $84/ft.
  • Square Footage: 4,722

SL Green Realty is the landlord in this deal, while Medrite is the tenant. Representing the landlord is Ariel Schuster from Newmark, and the tenant is represented by Greg Parassio from Booth Street. These individuals and companies played pivotal roles in finalizing the lease agreement.

Players

Ariel Schuster

Newmark

Broker

$461.2M

vol

27 deals

Broker
SL Green
SL GreenLandlord

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

188845.24%

Cash-on-Cash

-53972.55%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93