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425 Park Avenue

Updated May 12, 2025

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Ferrari Leases 7,629 Square Feet At 425 Park Avenue With L&L Holding As Landlord
LEASEDRetail

Ferrari Leases 7,629 Square Feet At 425 Park Avenue With L&L Holding As Landlord

425 Park Avenue

Building Size

Asset Type

Retail

Closing

Apr 14, 2025

About this deal

AI

The retail asset located at 425 Park Avenue in Midtown East features a total area of 7,629 square feet and is associated with a lease transaction. The asset is notable for being the new location for Ferrari, which is relocating from its previous showroom directly across the street.

Summary of transation details:

The transaction marks a significant deal for both landlord and tenant, with David Levinson and Robert Lapidus serving as the landlords and represented by Giannina Brancato, Jonathan Tootell, and Tanya Grimaldo from L&L Holding Company. On the tenant side, Benedetto Vigna, representing Ferrari, is assisted by Frank Recine and Patrick Smith of JLL.

Players

Patrick Smith

JLL

Broker

$1.3M

vol

7 deals

Broker

Robert Lapidus

L&L Holding

Landlord

$1.4B

vol

5 deals

Landlord
L&L Holding
L&L HoldingLandlord

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

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