Hand Hospitality Leases Retail Space In New York For Portfolio3
44 E 21st St, New York, NY, 10010
Building Size
3,500 SF
Asset Type
Retail
Closing
Sep 2, 2021
AI
The retail property located at 44 E 21st St, New York, NY, 10010, comprising 3,500 square feet, was leased on September 2, 2021. The tenant, Hand Hospitality, secured this space in New York's market. The deal was brokered with Myung (Michael) Hong from Realtmart Realty representing the tenant, and the landlord, Portfolio3, was represented by Nicholas "Nick" Judson and Wendy Mcdonald from Judson CRE.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: Not Applicable
- Tenant: Hand Hospitality
- Tenant's Representative: Myung (Michael) Hong (Realmart Realty)
- Landlord: Portfolio3
- Landlord's Representatives: Nicholas "Nick" Judson (Judson CRE), Wendy Mcdonald (Judson CRE)
- Square Feet: 3500
The lease transaction at 44 E 21st St involved a partnership between Hand Hospitality as the tenant, and Portfolio3 as the landlord. The tenant was represented by Myung (Michael) Hong of Realtmart Realty, while the landlord was represented by Nicholas "Nick" Judson and Wendy Mcdonald from Judson CRE. This lease agreement brought together key individuals and companies in the New York retail market, facilitating a successful commercial occupancy deal.
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