LEASEDRetail
Baruch College Leases Retail Space In Kips Bay From Phipp's House For $90/sq Ft
444 2nd Avenue, New York City, New York 10010, United States
Building Size
6,500 SF
Asset Type
Retail
Closing
Apr 30, 2022
About this deal
AI
The retail property located at 444 2nd Ave. in Kips Bay has been leased. The lease transaction took place on 05/01/2022.
Summary of transaction details:
- Property Type: Retail
- Address: 444 2nd Ave., Kips Bay
- Tenant: Cuny - Baruch College
- Tenant's Representative: Howard Kessler - Newmark
- Landlord: Phipp's House - Robert Draizen
- Landlord's Representative: Solomon Sharaby - KSR
- Asking Rent: $90 per square foot
- Square Footage: 6,500 sq. ft.
The tenant in this transaction, Baruch College, was represented by Howard Kessler from Newmark. The landlord, Phipp's House, was represented by Solomon Sharaby from KSR.
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