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408 West 56th Street

Updated Dec 4, 2024

Peter Hungerford Of PH Realty Capital Leases Retail Space To UP E SPA In Hell's Kitchen
LEASEDRetail

Peter Hungerford Of PH Realty Capital Leases Retail Space To UP E SPA In Hell's Kitchen

408 West 56th Street

Building Size

790 SF

Asset Type

Retail

Closing

Oct 21, 2024

About this deal

AI

The asset involved in this transaction is a retail property located at 408 West 56th Street in the Hell's Kitchen market. The property has a square footage of 790 SF and is leased under a Modified Gross Lease agreement. The asking rent for this space was $91 per square foot.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $91/ft
  • Square Footage: 790 SF
  • Address: 408 West 56th Street
  • Market: Hell's Kitchen
  • Landlord: Peter Hungerford - PH Realty Capital
  • Tenant: UP E SPA
  • Landlord's Representative: Joseph Khojahiny - Meridian Capital Group
  • Tenant's Representative: Karen Spielberger

The transaction involved key individuals and companies, including Peter Hungerford as the landlord representing PH Realty Capital and UP E SPA as the tenant. Joseph Khojahiny handled the landlord's representation through Meridian Capital Group, while Karen Spielberger represented the tenant in this leasing agreement.

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Joseph Khojahiny

Meridian Capital Group

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Deal FAQ

About $91 per square foot for 790 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

174318.68%

Cash-on-Cash

-49820.81%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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