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425 Park Avenue

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

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

6 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