Baked By Luigi Signs Lease For Retail Space At 221 East 23rd Street In Gramercy
221 East 23rd street, Gramercy
Building Size
1,000 SF
Asset Type
Retail
Closing
Feb 20, 2022
AI
The retail space located at 221 East 23rd Street in Gramercy has recently been leased by Baked By Luigi. The property, with a size of approximately 1,000 square feet, was leased for an asking rent of $140 per square foot. The lease was finalized on February 21, 2022, making it a recent transaction in the market.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: N/A
- Address: 221 East 23rd Street
- Market: Gramercy
- Asking Rent: $140/ft.
- Square Footage: 1,000
The landlord of the retail space is Steven Croman, while the lease was facilitated by Ben Biberaj and Ryan Fridolfs from Meridian Retail Leasing. They represented Baked By Luigi in the deal. It is noteworthy to mention that no additional brokers were involved in this transaction.
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