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521 Broadway

Karsten Rumpf & Richard Rumpf Lease 5,600 SF Retail Space To Maniere De Voir In SoHo
LEASEDRetail

Karsten Rumpf & Richard Rumpf Lease 5,600 SF Retail Space To Maniere De Voir In SoHo

521 Broadway

$321

$321/SF

Building Size

5,600 SF

Asset Type

Retail

Closing

Sep 15, 2024

AI

The property asset involved in this transaction is a retail space located at 521 Broadway in the SoHo market, encompassing a total area of 5,600 square feet. The transaction involves a long-term retail lease, with landlords Karsten Rumpf and Richard Rumpf leasing the space to the tenant, Maniere De Voir.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Lease Term: Long term lease
  • Lease Type: Retail Lease
  • Landlord: Karsten Rumpf & Richard Rumpf
  • Tenant: Maniere De Voir
  • Tenant's Representatives: Sonny Braha - Crown Onyx Advisors& George Skaliarinis - KSR

Maniere De Voir, a fashion brand from the UK, is entering the U.S. retail market, establishing its flagship location in SoHo, New York. Additionally, the brand will set up its U.S. headquarters in the Flatiron District on Fifth Avenue and introduce a new East Coast distribution center to enhance its operations as it expands in North America.

Players

George Skaliarinis

Kassin Sabbagh Realty

Broker

$7M

vol

54 deals

Broker

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

49417.45%

Cash-on-Cash

-14123.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93