Stephen D. Silva Leases Retail Space To Sol San At 350 East 116th Street In East Harlem
350 East 116th Street
Building Size
300 SF
Asset Type
Retail
Closing
Apr 28, 2025
About this deal
AI
The asset involved in this transaction is a retail property located at 350 East 116th Street in East Harlem, Manhattan. The asking rent for this property is $160 per square foot, with a total size of 300 square feet. The lease type is a Modified Gross Lease, reflecting specific terms agreed upon by the parties involved.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $160/ft
- Address: 350 East 116th Street
- Market: East Harlem, Manhattan
- Landlord: Stephen D. Silva
- Tenant: Sol San
- Brokers: Alec Namdar & Daniel Sharga - Meridian Capital Group
- Lease Type: Modified Gross Lease
- Square Footage: 300
This lease transaction was facilitated by brokers Alec Namdar and Daniel Sharga, who represent Meridian Capital Group. They played a crucial role in connecting the landlord, Stephen D. Silva, with the tenant, Sol San, to finalize the terms of the agreement.
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Retail
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
105753.33%
Cash-on-Cash
-30224.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93