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
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