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
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