Loeb Family Grants Long-Term Ground Lease For Retail & Billboard Property At 460 7th Avenue
460 7th Avenue
$100
$100/SF
Building Size
4,050 SF
Asset Type
Retail
Closing
Jun 14, 2024
AI
The property asset involved in this transaction is a retail and billboard space located at 460 7th Avenue in the Penn District of Manhattan. It is a ground lease with an asking rent of $100 per square foot for a total area of 4,050 square feet.
Summary of transaction details:
- Property Type: Retail & Billboards
- Transaction Amount: $100/ft
- Address: 460 7th Avenue
- Market: Penn District
- Lease Type: Ground Lease
- Landlord: Loeb Family
- Brokers: Paul Massey & Alex Woodlief - B6 Real Estate Advisors
B6 Real Estate Advisors exclusively represented the fee owner in the long-term ground lease of this property. For further information regarding this deal, Paul Massey and Alex Woodlief are the primary contacts available.
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
158630.00%
Cash-on-Cash
-45336.94%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93