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23 West 39th Street

Updated Dec 4, 2024

Lazzara's Pizza Cafe Leases Retail Space At 23 West 39th Street In Midtown South
LEASEDRetail

Lazzara's Pizza Cafe Leases Retail Space At 23 West 39th Street In Midtown South

23 West 39th Street

$110

$110/SF

Building Size

2,500 SF

Asset Type

Retail

Closing

Oct 9, 2024

About this deal

AI

The property asset involved in the transaction is a retail space located at 23 West 39th Street in the Midtown South market. The asset encompasses a total square footage of 2,500 and is structured under a Modified Gross Lease. The asking rent for this property is set at $110 per square foot.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $110/ft
  • Square Footage: 2,500
  • Address: 23 West 39th Street
  • Market: Midtown South
  • Landlord: Maxwell Kates - 40th St. Tenants Corp
  • Tenant: Lazzara's Pizza Cafe
  • Landlord's Representative: Jean Bates
  • Tenant's Representatives: James Famularo & Jacob Mayer - Meridian Capital Group

Key individuals involved in this transaction include landlord's representative Jean Bates and tenant's representatives James Famularo and Jacob Mayer from Meridian Capital Group, who played essential roles in facilitating the lease agreement between Maxwell Kates - 40th St. Tenants Corp and Lazzara's Pizza Cafe.

Players

James Famularo

Meridian Capital Group

Broker

$11.4M

vol

376 deals

Broker

New York Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Deal FAQ

About $110 per square foot on a published $110 for 2,500 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

144209.09%

Cash-on-Cash

-41215.40%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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