Saga Hospitality Expands To Flatiron District With New Seafood Restaurant
360 Park Avenue South New York, New York 10010, USA
Building Size
7,000 SF
Asset Type
Retail
Closing
Jul 17, 2023
About this deal
AI
A seafood-driven eatery led by chef James Kent is set to open in New York City's Flatiron District. The new restaurant, located at 360 Park Avenue South, will offer coffee and pastries during the day and seafood dishes at night. Spanning 7,000 square feet, this retail space will become Saga Hospitality's second full restaurant in the city, following Crown Shy.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Not specified
- Square Footage: 7,000 SF
- Address: 360 Park Avenue South
- Market: Flatiron District
- Landlord: BXP
- Tenant: Saga Hospitality - James Kent
The restaurant expansion is led by Saga Hospitality, a renowned restaurant group. Chef James Kent will oversee the culinary direction, bringing his expertise to the seafood-focused menu. The move to the Flatiron District marks an exciting expansion for Saga Hospitality, who aims to offer a unique dining experience to New Yorkers and visitors alike. With the success of their first restaurant, Crown Shy, the opening of this new eatery is highly anticipated.
New York Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93