Meridian Capital Group Brokers Retail Lease For Que Rico Restaurant In Kips Bay
221 East 23rd Street
$120
$120/SF
Building Size
1,000 SF
Asset Type
Retail
Closing
Mar 4, 2024
About this deal
AI
The retail property located at 221 East 23rd Street in Kips Bay, Manhattan, was leased by Que Rico Restaurant from Centennial Properties. The deal was facilitated by brokers Ben Biberaj, Elliot Wygoda, and Joseph Khojahiny of Meridian Capital Group. The retail space, spanning 1,000 square feet, was leased at an asking rent of $120 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Landlord: Centennial Properties
- Tenant: Que Rico Restaurant
- Brokers: Ben Biberaj, Elliot Wygoda, & Joseph Khojahiny - Meridian Capital Group
- Address: 221 East 23rd Street
- Market: Kips Bay, Manhattan
- Lease Type: Retail Lease
- Asking Rent: $120/ft
- SF: 1,000
The collaboration between Centennial Properties and Que Rico Restaurant, with representation from Ben Biberaj, Elliot Wygoda, and Joseph Khojahiny of Meridian Capital Group, resulted in a successful retail lease transaction in the vibrant neighborhood of Kips Bay, Manhattan.
On the Map
$120
$120/SF
Retail
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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
132191.67%
Cash-on-Cash
-37780.78%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93