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335 Eighth Avenue, Chelsea,...

Lidl Signs 15-Year Lease For 23,000 SF Retail Space At 335 Eighth Avenue In New York
LEASEDRetail

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:

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

Alan Schmerzler

Cushman & Wakefield

Broker

9 deals

Broker
MaryAnne Gilmartin

MaryAnne Gilmartin

MAG Partners

Landlord

$264.1M

vol

7 deals

Landlord
L
LidlTenant

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