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
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