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40 West 57th Street

Loro Piana Leases 25,000 Square Feet At 40 West 57th Street From Richard S. LeFrak
LEASEDRetail

Loro Piana Leases 25,000 Square Feet At 40 West 57th Street From Richard S. LeFrak

40 West 57th Street

Building Size

25,000 SF

Asset Type

Retail

Closing

Jan 13, 2025

AI

The property asset involved in this transaction is a retail space located at 40 West 57th Street in the Midtown market. This retail space encompasses a total size of 25,000 square feet, situated on the 21st floor of the office building.

Summary of transaction details:

The deal involves Loro Piana, an Italian luxury fashion retailer, which is relocating from 711 Fifth Avenue to the new address of 40 West 57th Street. This transaction is facilitated by the collaboration of multiple representatives from CBRE and the LeFrak Organization, highlighting the participation of significant industry professionals in the leasing process.

Players

Ray Kawas

LeFrak Organization

Broker

4 deals

Broker

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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93