The Practice Room Leases Retail Space At 521 West 26th Street In Chelsea Manhattan
521 West 26th Street
Building Size
4,000 SF
Asset Type
Retail
Closing
Aug 3, 2025
About this deal
AI
The property involved in this transaction is a retail space located at 521 West 26th Street in the Chelsea market of Manhattan. The asset encompasses a total of 4,000 square feet and was leased under a Modified Gross Lease at an asking rent of $55 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $220,000
- Address: 521 West 26th Street
- Market: Chelsea, Manhattan
- Landlord: Joseph Schik
- Tenant: The Practice Room
- Landlord's Representative: John Roesch - Meridian Capital Group
- Tenant's Representative: Yossi Capland - Compass
- Lease Type: Modified Gross Lease
The key individuals involved in this transaction include Landlord Joseph Schik and Tenant The Practice Room. Representing the Landlord, John Roesch from Meridian Capital Group played a pivotal role, while Yossi Capland from Compass represented the Tenant in this agreement.
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
288418.18%
Cash-on-Cash
-82430.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93