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53 The Circle, East Hampton...

David Lewis Art Gallery Leases Retail Space In East Hampton For $73/ft
LEASEDRetail

David Lewis Art Gallery Leases Retail Space In East Hampton For $73/ft

53 The Circle, East Hampton, New York 11937, United States

Building Size

1,645 SF

Asset Type

Retail

Closing

Jan 1, 2022

AI

Located at 53 The Circle in East Hampton, this retail property has recently been leased. The property is owned by Elie Tahari and the tenant is the David Lewis Art Gallery. The lease transaction was facilitated by Joel Isaacs from Isaacs & Company Commercial Real Estate, who represented the tenant. The landlord, Elie Tahari, was represented by Jeremey Tahari, the Tahari Capital Managing Partner & Licensed Real Estate Salesperson for 9300 Realty. The lease was signed on January 1, 2022.

Summary of transation details

  • Property Type: Retail
  • Transaction Date: January 1, 2022
  • Address: 53 The Circle, East Hampton
  • Landlord: Elie Tahari
  • Tenant: David Lewis Art Gallery
  • Tenant's Representative: Joel Isaacs - Isaacs & Company Commercial Real Estate
  • Landlord's Representative: Jeremey Tahari - Tahari Capital Managing Partner & Licensed Real Estate Salesperson for 9300 Realty
  • Asking Rent: $73/ft.
  • Square Footage: 1,645 SF

The lease of this retail property demonstrates the collaboration between Elie Tahari and David Lewis Art Gallery. Joel Isaacs from Isaacs & Company Commercial Real Estate represented the tenant, while Jeremey Tahari, the Tahari Capital Managing Partner & Licensed Real Estate Salesperson for 9300 Realty, represented the landlord. This lease agreement marks an important milestone for both parties involved.

Players

Jeremey Tahari

Black Bear Capital Partners

Broker

$59.5M

vol

16 deals

Broker

David A. Lewis

J.P. Morgan Chase

Tenant

$9M

vol

2 deals

Tenant

East Hampton 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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93