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245 W 54th St, New York, NY...

The Grisly Pear Signs Lease For Retail Space In Time Square At 245 West 54th St
LEASEDRetail

The Grisly Pear Signs Lease For Retail Space In Time Square At 245 West 54th St

245 W 54th St, New York, NY, USA

Building Size

4,000 SF

Asset Type

Retail

Closing

Nov 2, 2021

AI

The retail property located at 245 West 54th St. in Time Square has been leased. The transaction took place on 11/02/2021. The property is owned by Joseph Moinian, while the tenant is The Grisly Pear. The leasing deal was facilitated by brokers Michael Turovskiy and Jeff Geoghegan of KSR. The retail space spans approximately 4,000 square feet and was offered at an asking rent of $150 per square foot.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Address: 245 West 54th St.
  • Market: Time Square
  • Landlord: Joseph Moinian
  • Tenant: The Grisly Pear
  • Brokers: Michael Turovskiy and Jeff Geoghegan - KSR
  • Asking Rent: $150/ft.
  • Square Footage: 4,000

Michael Turovskiy and Jeff Geoghegan, representing KSR, played a pivotal role in facilitating the leasing deal for the retail space at 245 West 54th St. in Time Square. The involvement of these brokers highlights their expertise in the market and their ability to negotiate successful lease agreements.

Players

Jeff Geoghegan

Kassin Sabbagh Realty

Broker

27 deals

Broker
Joe Moinian

Joe Moinian

The Moinian Group

Landlord

$1.1B

vol

14 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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93