Morris Bailey Of JEMB Realty Leases 55,000 Sq. Ft. To Horacio Barbeito Of Old Navy
50 West 34th Street
Building Size
55,000 SF
Asset Type
Retail
Closing
May 9, 2025
About this deal
AI
The asset involved in the transaction is a retail space located at 50 West 34th Street in Midtown South, encompassing a total of 55,000 square feet across two floors. The transaction marks a significant event in the retail market, being NYC’s largest retail lease of 2025.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not disclosed
- Lease Term: 15-year lease
- Landlord: Morris Bailey - JEMB Realty
- Tenant: Horacio Barbeito - Old Navy
Morris Bailey represents JEMB Realty and is the landlord for this retail lease, while Horacio Barbeito represents Old Navy as the tenant. Old Navy is relocating one block east from its current location, where it previously operated an 78,000 square foot store.
On the Map
Retail
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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