Superdry Leases Retail Space In New York From Espirit On 29 W 34th St
29 W 34th St, New York, NY, 10001
Building Size
16,000 SF
Asset Type
Retail
Closing
May 31, 2016
About this deal
AI
The retail property located at 29 W 34th St in New York, NY, 10001, was leased by clothing brand Superdry for a total of 16,000 square feet. Superdry agreed to pay $3 million per year for the seven-year lease, which was $2 million below the initial asking price.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Lease of 16,000 square feet
- Tenant: Superdry
- Tenant's Representative: Michael Hirschfeld (JLL)
- Landlord: Espirit
- Landlord's Representative: Richard Hodos (JLL)
JLL's Michael Hirschfeld represented Superdry in the lease transaction, while CBRE's Richard Hodos and Joseph Hudson acted as representatives for the landlord, Espirit. The deal was closed successfully with Superdry securing the entire space at a favorable rate.
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Retail
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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