Latitude Gallery Leases Retail Space At 5 Lispenard Street From Penn South Capital For 10 Years

The property asset involved in this transaction is a retail space located at 5 Lispenard Street in the Tribeca market. The asking rent for this space is set at $135 per square foot, encompassing a total area of 2,800 square feet. The lease term for this property is structured as a modified gross lease for a duration of 10 years.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $135/ft
• Address: 5 Lispenard Street
• Market: Tribeca
• Lease Term: 10 years
• Lease Type: Modified Gross Lease
• Landlord: Penn South Capital
• Tenant: Latitude Gallery
• Landlord's Representative: Ravi Idnani, Andrew Stern & Julia Singer - Newmark
• Tenant's Representative: Malik Wells - KSR

This transaction involved several key individuals and companies, with Ravi Idnani, Andrew Stern, and Julia Singer representing the landlord, Penn South Capital, through Newmark. Malik Wells represented the tenant, Latitude Gallery, through KSR, highlighting the collaboration of these professionals in facilitating the lease agreement.