Flight Club Signs Long Term Retail Lease At 31 Union Square West With Dere Properties
31 Union Square West
$350
$350/SF
Building Size
11,000 SF
Asset Type
Retail
Closing
Feb 5, 2025
AI
The retail asset located at 31 Union Square West in the Flatiron District consists of 11,000 square feet. The asking rent for this property is set at $350 per square foot. The transaction involves a long-term retail lease agreement.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $350/ft
- Lease Term: Long Term
- Lease Type: Retail Lease
- Landlord: Dere Properties - Ellis Family
- Tenant: Flight Club
- Brokers: Kelly Gedinsky, Max Kreinces, Brandon Singer - Retail By Mona & Joe Hudson - CBRE
The deal is represented by brokers from Retail By Mona and CBRE, facilitating the agreement between the landlord, Dere Properties, represented by the Ellis Family, and the tenant, Flight Club.
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
45322.86%
Cash-on-Cash
-12953.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93