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:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 425 Park Avenue
- Market: Midtown East
- Lease Term: 10-year lease
- Landlord: David Levinson & Robert Lapidus - L&L Holding
- Tenant: Benedetto Vigna - Ferrari
- Landlord's Representative: Giannina Brancato, Jonathan Tootell & Tanya Grimaldo - L&L Holding Company
- Tenant's Representative: Frank Recine & Patrick Smith - JLL
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
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