Lidl Signs 15-Year Lease For 23,000 SF Retail Space At 335 Eighth Avenue In New York
335 Eighth Avenue, Chelsea, Manhattan Ny
$65
$65/SF
Building Size
23,000 SF
Asset Type
Retail
Closing
May 8, 2023
AI
Germany-based discount grocery store chain Lidl has signed a 15-year lease for 23,000 square feet of retail space at 335 Eighth Avenue in New York. The lease terms include an asking rent of $65 per square foot. The location, scheduled to open in 2025, will be Lidl's second store in Manhattan. The lease was facilitated as part of a deal with developer MAG Partners, who also built an affordable housing development at the same location.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not disclosed
- Address: 335 Eighth Avenue, New York
- Market: New York
- Tenant: Lidl
- Landlord: MAG - MaryAnne Gilmartin
- Landlord's Rep: Alan Schmerzler, Sean Moran, Catherine Merck and Patrick O'Rourke - Cushman & Wakefield
- Tenant's Rep: Stephen Sjurset, David LaPierre, Robert Bonicoro & Duane Davis - CBRE
Notable individuals involved in the lease deal include Alan Schmerzler, Sean Moran, Catherine Merck, and Patrick O'Rourke from Cushman & Wakefield, who represented the landlord, and Stephen Sjurset, David LaPierre, Robert Bonicoro, and Duane Davis from CBRE, who represented Lidl as their tenant's representatives.
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
244046.15%
Cash-on-Cash
-69749.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93