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526 7th Ave New York, NY 10...

Artishouse Signs Lease For 2,950 SF Retail Space In Garment District At 526 Seventh Avenue
LEASEDRetail

Artishouse Signs Lease For 2,950 SF Retail Space In Garment District At 526 Seventh Avenue

526 7th Ave New York, NY 10018, USA

$35

$35/SF

Building Size

2,950 SF

Asset Type

Retail

Closing

May 12, 2023

AI

Artishouse, an organization that provides collaborative space for artists, has signed a lease for a 2,950 square-foot retail space at 526 Seventh Avenue in the Garment District, New York. The space is located in a luxury building offering excellent natural light and direct elevator exposure. The lease was brokered by Mark Gindi of MJ Property Group.

Summary of transaction details

  • Property Type: Retail
  • Address: 526 7th Ave New York, NY 10018, USA

Artishouse will be dividing the space into workstations for their members to develop their artistic style. The corner and full-floor unit will provide the organization with a suitable environment to foster creativity and collaboration.

Players

Mark Gindi

Gindi Realty Advisors

Broker

7 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

453228.57%

Cash-on-Cash

-129534.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93