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374 6th Avenue

VIP Vet Leases Retail Space At 374 6th Avenue With Landlord Phillips International
LEASEDRetail

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

Michael Segerman

Current Real Estate Advisors

Broker

$8.6M

vol

27 deals

Broker

Michael Robbins

Phillips International

Landlord

$8.8M

vol

3 deals

Landlord
PI
Phillips InternationalLandlord

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