VIP Vet Leases Retail Space At 374 6th Avenue With Landlord Phillips International
374 6th Avenue
$125
$125/SF
Building Size
4,056 SF
Asset Type
Retail
Closing
Oct 11, 2023
AI
The property asset involved in the transaction is located at 374 6th Avenue in the Greenwich Village market. This retail space encompasses 4,056 square feet and is leased under a Single Net Lease at an asking rent of $125 per foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $505,000
- Address: 374 6th Avenue
- Market: Greenwich Village
- Landlord: Phillips International
- Landlord's Representatives: Shelia Chess & Michael Robbins
- Tenant: VIP Vet
- Tenant's Representatives: Michael Segerman & Roy Abraham
- Lease Type: Single Net Lease
The transaction involved key representatives including Hal Shapiro from Winick Realty Group representing the landlords, and Michael Segerman along with Roy Abraham from Current Real Estate Advisors representing the tenant. This collaboration facilitated the leasing of the retail space to VIP Vet.
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
126904.00%
Cash-on-Cash
-36269.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93