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221 East 23rd street, Gramercy

Baked By Luigi Signs Lease For Retail Space At 221 East 23rd Street In Gramercy
LEASEDRetail

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

Ben Biberaj

IPRG Retail Leasing

Broker

$26.2M

vol

192 deals

Broker
Steve Croman

Steve Croman

Centennial Properties

Landlord

$50.1M

vol

40 deals

Landlord

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