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
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