Dippin Dots & Doc Popcorn Lease Retail Space At 24 East 23rd Street In Flatiron District
24 East 23rd Street (One Madison) MARKET: Flatiron District
Building Size
367 SF
Asset Type
Retail
Closing
Feb 24, 2021
AI
24 East 23rd Street in the Flatiron District of New York City has recently been leased. The retail space was leased to Dippin Dots & Doc Popcorn, with franchisee Neil Hershman representing the tenant. The landlord of the property is Rockfeld Group. The leasing transaction was facilitated by Jack Hurley of Isa Realty Group, who represented the tenant, and Ike Bibi and Jack Khaski of KSR, who represented the landlord. The property is located in a prime location in the Flatiron District and offers great potential for retail businesses.
Summary of transaction details:
- Property Type: Retail
- Date: 02/25/2021
- Address: 24 East 23rd Street (One Madison)
- Market: Flatiron District
- Tenant: Dippin Dots & Doc Popcorn (Franchisee Neil Hershman)
- Landlord: Rockfeld Group
- Tenant's Rep: Jack Hurley - Isa Realty Group
- Landlord's Rep: Ike Bibi & Jack Khaski - KSR
- Asking Rent: $400/ft.
- Square Footage: 367
The deal was completed with an asking rent of $400 per square foot for a total of 367 square feet of retail space in the prime location of the Flatiron District. Dippin Dots & Doc Popcorn, represented by franchisee Neil Hershman and Jack Hurley of Isa Realty Group, saw the potential of the space and decided to lease it. Rockfeld Group, the landlord, was represented by Ike Bibi and Jack Khaski of KSR, who ensured a smooth transaction for both parties involved.
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