Broadway4D Leases 25000 Square Feet At Liberty Theatre In Midtown Manhattan
234 West 42nd Street
Building Size
25,000 SF
Asset Type
Retail
Closing
Sep 30, 2024
AI
The asset involved in this transaction is a retail space located at 234 West 42nd Street in Midtown Manhattan. The total square footage of the property is 25,000, which is being leased by the tenant, Broadway4D.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 234 West 42nd Street
- Market: Midtown Manhattan
- Landlord: Brookfield & Madison International Capital
- Tenant: Broadway4D
- Landlord's Representative: Alan Schmerzler & Diana Boutross - Cushman & Wakefield
- Tenant's Representative: Gary Trock - CBRE
This transaction highlights the involvement of Broadway4D, which aims to create a theater-wide immersive experience featuring 20 iconic Broadway songs performed by top stars. The involvement of Cushman & Wakefield and CBRE as representatives for the landlords and tenant reflects the collaboration of notable real estate firms in this significant lease agreement.
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