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39 Lispenard Street

Kevin Nassimi & Arman Noghreh Lease Retail Space To Isabel Sullivan Gallery In Tribeca, Manhattan
LEASEDRetail

Kevin Nassimi & Arman Noghreh Lease Retail Space To Isabel Sullivan Gallery In Tribeca, Manhattan

39 Lispenard Street

$110

$110/SF

Building Size

2,150 SF

Asset Type

Retail

Closing

Nov 27, 2023

AI

The retail space located at 39 Lispenard St. in Tribeca, Manhattan has been leased. The property spans 2,150 square feet and was leased by Isabel Sullivan Gallery. The lease transaction was facilitated by Andrew Stern of Newmark, representing the landlord Kevin Nassimi and Arman Noghreh. Sarah Shannon of Sinvin Real Estate represented the tenant, Isabel Sullivan Gallery. The asking rent for the space was $110 per square foot.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: N/A
  • Address: 39 Lispenard St., Tribeca, Manhattan
  • Market: Tribeca, Manhattan
  • Square Footage: 2,150
  • Landlord: Kevin Nassimi & Arman Noghreh
  • Tenant: Isabel Sullivan Gallery
  • Landlord's Rep: Andrew Stern - Newmark
  • Tenant's Rep: Sarah Shannon - Sinvin Real Estate
  • Asking Rent: $110/ft

The lease transaction for the retail space at 39 Lispenard St. was successfully completed. Andrew Stern of Newmark represented the landlords, Kevin Nassimi and Arman Noghreh, in the deal. Sarah Shannon of Sinvin Real Estate acted as the tenant's representative for Isabel Sullivan Gallery. This lease provides an opportunity for the gallery to establish a presence in the vibrant Tribeca market.

Players

Andrew Stern

Newmark

Broker

$5.4M

vol

76 deals

Broker

Arman Noghreh

Landlord

$5.8M

vol

4 deals

Landlord

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

144209.09%

Cash-on-Cash

-41215.40%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93