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3 West 36th Street, Manhatt...

Ipanema Restaurant Signs Lease For Retail Space In Midtown South At 3 West 36th Street
LEASEDRetail

Ipanema Restaurant Signs Lease For Retail Space In Midtown South At 3 West 36th Street

3 West 36th Street, Manhattan, New York, NY, USA

Building Size

6,100 SF

Asset Type

Retail

Closing

Jun 1, 2020

AI

Located in Midtown South, the retail property at 3 West 36th Street has recently been leased. The asset spans 6,100 square feet and was leased by Empire Management to the tenant, Ipanema Restaurant. The lease transaction took place on June 1st, 2021, with an asking rent of $90 per square foot.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: N/A
  • Address: 3 West 36th Street, Midtown South
  • Tenant: Ipanema Restaurant
  • Landlord: Empire Management
  • Tenant's Representative: Nicolas Nitu - abendumRE
  • Landlord's Representative: Michael Segerman - Dynamik Real Estate Group

Ipanema Restaurant, a renowned Brazilian and Portuguese cuisine establishment, has been serving authentic dishes since 1979. Having previously been situated in Manhattan's Little Brazil, Ipanema Restaurant has now relocated to its new and spacious location at 3 West 36th Street. With its extensive history and reputation for excellence, Ipanema Restaurant is sure to continue delighting diners in its new space.

Players

Michael Segerman

Current Real Estate Advisors

Broker

$8.6M

vol

27 deals

Broker
Empire Management
Empire ManagementLandlord

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