Edward Ostad & Michael Ostad Lease Retail Space To Innovative Beverage Strategies For $144/ft In Hell's Kitchen
359 West 54th Street
$144
$144/SF
Building Size
1,000 SF
Asset Type
Retail
Closing
Aug 19, 2026
About this deal
AI
The retail lease involves a property located at 359 West 54th Street in the Hell's Kitchen market. The asking rent was set at $144 per square foot for a total space of 1,000 square feet.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $144/ft
- Asset Address: 359 West 54th Street
- Market: Hell's Kitchen
- Landlord: Edward Ostad & Michael Ostad
- Tenant: Innovative Beverage Strategies
- Brokers: Albert Salameh & David Green - KSR
- Lease Type: Retail Lease
In this transaction, Edward Ostad and Michael Ostad acted as the landlords, while Innovative Beverage Strategies secured the tenancy. The transaction was facilitated by brokers Albert Salameh and David Green from KSR, representing the involved parties in the leasing process.
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
110159.72%
Cash-on-Cash
-31483.99%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93