Convene Hospitality Group Leases 50000 Square Feet Event Space At 261 11th Avenue Manhattan
261 11th Avenue
Building Size
50,000 SF
Asset Type
Retail
Closing
Oct 6, 2025
About this deal
AI
The retail asset located at 261 11th Avenue in Manhattan, encompasses a total of 50,000 square feet spread across three floors. This property is within a landmarked building known as Terminal Warehouse, which boasts a history of 130 years.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 261 11th Avenue
- Market: Manhattan
- Landlord: Adam Frazier - Columbia Property Trust, David Levinson - L&L Holding Company, Eric Rubin - Cannon Hill Capital Partners
- Tenant: Convene Hospitality Group
Convene Hospitality Group is set to open a new event space called The Mallory, under this lease agreement, with operations anticipated to begin in the second quarter of 2026.
On the Map
Retail
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Players
New York Retail Market Snapshot
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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