Artishouse Signs Lease For 2,950 SF Retail Space In Garment District At 526 Seventh Avenue
526 7th Ave New York, NY 10018, USA
Building Size
2,950 SF
Asset Type
Retail
Closing
May 12, 2023
About this deal
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.
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Retail
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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