James Kim Leases Retail Space At 496 Sixth Avenue To Kim’s Bap For 10 Years
496 Sixth Avenue
$28,000
$28,000/SF
Building Size
2,500 SF
Asset Type
Retail
Closing
May 26, 2025
About this deal
AI
This retail asset is located at 496 Sixth Avenue in the Greenwich Village market. The property encompasses a total square footage of 2,500 and is under a Modified Gross Lease agreement. The asking rent for this lease is set at $146 per square foot, with a lease term lasting 10 years.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $146/ft
- Square Footage: 2,500
- Address: 496 Sixth Avenue
- Market: Greenwich Village
- Landlord: James Kim
- Tenant: Kim’s Bap
- Brokers: Jinwoo Park & Joseph Zalta - Platinum Properties
- Landlord's Rep: Evan John - C Land Realty
- Lease Type: Modified Gross Lease
- Lease Term: 10 Years
In this transaction, Jinwoo Park and Joseph Zalta from Platinum Properties played a key role in broker representation, while Evan John from C Land Realty represented the landlord. The property has a distinct landlord-tenant relationship established with James Kim as the landlord and Kim’s Bap as the tenant.
On the Map
$28,000
$28,000/SF
Retail
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New York Retail Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
566.54%
Cash-on-Cash
-161.92%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93