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
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
144209.09%
Cash-on-Cash
-41215.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93