Brooklyn ChopHouse Leases Retail Space In Times Square From Friedland Properties For $1.4M/year
253 West 47th Street, New York, NY 10036
Building Size
25,000 SF
Asset Type
Retail
Closing
May 11, 2021
About this deal
AI
Brooklyn ChopHouse has signed a lease for a retail space located at 253 West 47th Street in Times Square. The property, spanning 25,000 square feet, was leased for an asking rent of $56 per square foot, amounting to $1.4 million per year. The lease transaction was finalized on May 12, 2021.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $1.4 million per year
- Address: 253 West 47th Street
- Market: Times Square
Brooklyn ChopHouse's lease was facilitated by James Famularo of Meridian Retail Leasing, representing the tenant, which includes Robert “Don Pooh” Cummins and Stratis Morfogen. The landlord, Friedland Properties, represented by William Friedland, agreed to the 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