Ekstein Development Group Leases Retail Space To Pearl Pilates At 538 West 28th Street
538 West 28th Street
$100
$100/SF
Building Size
1,500 SF
Asset Type
Retail
Closing
May 2, 2024
AI
The lease involves a retail asset located at 538 West 28th Street in the West Chelsea market of Manhattan. The asking rent for the property is set at $100 per square foot, encompassing a total area of 1,500 square feet. The lease type is classified as a Modified Gross Lease.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $150,000
- Address: 538 West 28th Street
- Market: West Chelsea, Manhattan
- Landlord: Ekstein Development Group
- Tenant: Pearl Pilates
- Brokers: Jeremy Banilevi, Cory Zelnik & Jason Turner - Zelnik & Company
The transaction was facilitated by three brokers, namely Jeremy Banilevi, Cory Zelnik, and Jason Turner, who are affiliated with Zelnik & Company. The role of the brokers was crucial in connecting the landlord, Ekstein Development Group, with the tenant, Pearl Pilates, for this lease agreement.
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
158630.00%
Cash-on-Cash
-45336.94%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93