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223 East 58th Street

Strond Salon Leases Retail Space At 223 East 58th Street In Midtown East
LEASEDRetail

Strond Salon Leases Retail Space At 223 East 58th Street In Midtown East

223 East 58th Street

$120

$120/SF

Building Size

2,500 SF

Asset Type

Retail

Closing

Nov 10, 2023

AI

The retail property located at 223 East 58th Street in Midtown East has recently been leased. The property, measuring 2,500 square feet, was leased as a ground lease transaction. The landlord, Omid Pourmoradi, negotiated the lease agreement with the tenant, Strond Salon. The asking rent for the property was $120 per square foot.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Address: 223 East 58th Street
  • Market: Midtown East
  • Landlord: Omid Pourmoradi
  • Tenant: Strond Salon
  • Asking Rent: $120 per square foot
  • Lease Type: Ground Lease

Ravi Idnani from Newmark represented the landlord, Omid Pourmoradi, in the leasing process, while Claude Kolb from KSR represented the tenant, Strond Salon.

Players

Claude Kolb

Lee & Associates

Broker

40 deals

Broker

Market 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