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237 Madison Avenue

LayLays NYC Leases 5,500 SF Retail Space At 237 Madison Avenue In Murray Hill, Manhattan
LEASEDRetail

LayLays NYC Leases 5,500 SF Retail Space At 237 Madison Avenue In Murray Hill, Manhattan

237 Madison Avenue

$105

$105/SF

Building Size

5,500 SF

Asset Type

Retail

Closing

Sep 30, 2023

AI

A retail property located at 237 Madison Avenue in Murray Hill, Manhattan has been leased. The property, with a square footage of 5,500, was leased by a new tenant, LayLays NYC, at an asking rent of $105 per square foot.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: Leased
  • Address: 237 Madison Avenue, Murray Hill, Manhattan
  • Market: Murray Hill, Manhattan
  • Tenant: LayLays NYC
  • Asking Rent: $105/ft
  • Lease Term: Former Asia de Cuba has been leased to a new upscale Caribbean Steakhouse
  • Landlord: Living NY - Jon Bakhash
  • Brokers: Ryan Schimel & Nicolas Nitu - Habendum Real Estate

Ryan Schimel and Nicolas Nitu, representatives from Habendum Real Estate, were instrumental in facilitating this long-term lease deal for the property. After years of being vacant, they were able to secure a new tenant and are excited to witness the transformation of the space into a new upscale Caribbean Steakhouse concept.

Players

Nicolas Nitu

Habendum Real Estate

Broker

8 deals

Broker

Jon Bakhash

Shel Capital

Landlord

$9.3M

vol

3 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

151076.19%

Cash-on-Cash

-43178.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93