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420 West 51st Street, New Y...

M's Bike Shop Leases Retail Space At 420 West 51st Street In New York
LEASEDRetail

M's Bike Shop Leases Retail Space At 420 West 51st Street In New York

420 West 51st Street, New York City, New York 10019, United States

Building Size

3,500 SF

Asset Type

Retail

Closing

Sep 8, 2022

AI

The retail space located at 420 West 51st Street in New York has been leased to M's Bike Shop. The lease transaction was facilitated by Ben Biberaj and Sammy Weiss from Meridian Retail Leasing, who represented the tenant. The property, owned by Steve Croman, offers approximately 3,500 square feet of space. The lease was signed on September 9, 2022, with an asking rent of $60 per square foot.

Summary of transaction details

  • Property Type: Retail
  • Transaction Date: 09/09/2022
  • Address: 420 West 51st Street, New York
  • Landlord: Steve Croman
  • Tenant: M's Bike Shop
  • Brokers: Ben Biberaj & Sammy Weiss - Meridian Retail Leasing
  • Asking Rent: $60 per square foot
  • Square Footage: 3,500

Ben Biberaj and Sammy Weiss from Meridian Retail Leasing played a crucial role in negotiating the lease agreement on behalf of M's Bike Shop. The collaboration between the tenant and these brokers was instrumental in securing the property for the shop's retail needs. This transaction highlights the successful efforts of the involved parties to secure a favorable agreement, aligning the interests of both the tenant and the landlord.

Players

Ben Biberaj

IPRG Retail Leasing

Broker

$26.2M

vol

192 deals

Broker
Steve Croman

Steve Croman

Centennial Properties

Landlord

$50.1M

vol

40 deals

Landlord
MS
M's Bike ShopTenant

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