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
About this deal
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.
On the Map
$100
$100/SF
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
158630.00%
Cash-on-Cash
-45336.94%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93