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221 East 23rd Street

Meridian Capital Group Brokers Retail Lease For Que Rico Restaurant In Kips Bay
LEASEDRetail

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

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.

Players

Ben Biberaj

IPRG Retail Leasing

Broker

$26.2M

vol

197 deals

Broker

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