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
About this deal
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.
On the Map
$65
$65/SF
Retail
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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