Soho Shop Leases Retail Space At 505 Broome Street In Soho Through Andrew Stern & Ravi Idnani - Newmark
505 Broome Street
$350
$350/SF
Building Size
846 SF
Asset Type
Retail
Closing
Oct 1, 2023
About this deal
AI
The property involved in this lease transaction is a retail space located at 505 Broome Street in the Soho neighborhood of Manhattan. The space spans approximately 846 square feet and is owned by Jeff Gerson. Soho Shop, the tenant, has entered into a Modified Gross Lease agreement with the landlord. The asking rent for the space is $350 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 505 Broome Street
- Market: Soho, Manhattan
- Landlord: Jeff Gerson
- Tenant: Soho Shop
- Brokers: Andrew Stern & Ravi Idnani - Newmark
- Asking Rent: $350/ft
- Lease Type: Modified Gross Lease
In this lease deal, Andrew Stern & Ravi Idnani of Newmark represented both the landlord, Jeff Gerson, and the tenant, Soho Shop.
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
45322.86%
Cash-on-Cash
-12953.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93