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408 West 56th Street

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

$91

$91/SF

Building Size

790 SF

Asset Type

Retail

Closing

Oct 21, 2024

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.

Players

Joseph Khojahiny

Meridian Capital Group

Broker

13 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

174318.68%

Cash-on-Cash

-49820.81%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93