Christian Pineda Of Newmark Represents Los Tacos No. 1 In 10-Year Lease At 318 West 39th Street
318 West 39th Street
Building Size
9,800 SF
Asset Type
Retail
Closing
Jan 10, 2025
About this deal
AI
The transaction involves a retail asset located at 318 West 39th Street in the Garment District. The property spans a total of 9,800 square feet, specifically serving as a commissary kitchen. Los Tacos No. 1 has signed a lease agreement for this space to support its Times Square location and produce tortillas and chips for its restaurants.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 318 West 39th Street
- Market: Garment District
- Landlord: Eric Gural & Brian Steinwurtzel - GFP Real Estate
- Tenant: Christian Pineda - Los Tacos No. 1
- Landlord's Representative: Matthew Mandell - GFP Real Estate
- Tenant's Representative: Neal Ohm - Newmark
- Lease Duration: 10 years
The lease transaction involved key representatives from both parties. Eric Gural and Brian Steinwurtzel are the landlords, representing GFP Real Estate. On the tenant side, Christian Pineda, associated with Los Tacos No. 1, was represented by Neal Ohm from Newmark, while Matthew Mandell from GFP Real Estate represented the landlords.
On the Map
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