The asset involved in this transaction is a retail space located at 459 2nd Avenue in Kips Bay, Manhattan. The property has a square footage of 1,750 and was leased at an asking rent of $96 per square foot, resulting in a monthly rent of $14,000. The lease term is set for 10 years, and it operates under a Modified Gross Lease.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $14,000/month
• Landlord: Eric Schwartz
• Tenant: Zona Tribeca Mezcaleria
• Brokers: Brandon Efap & Joseph Sobolov - Investment Property Realty Group
• Lease Term: 10 Years
• Lease Type: Modified Gross Lease
• Square Footage: 1,750
• Asking Rent: $96/ft

Brandon Efap and Joseph Sobolov represented the landlord in securing the tenant for this retail space. The transaction was completed without the need for marketing, with IPRG facilitating the integration of a well-established Mexican restaurant to take over the space previously occupied for over 50 years.