L’Occitane En Provence Leases Retail Space At 555 5th Ave, New York
555 5th Ave, New York, NY, 10017
Building Size
3,378 SF
Asset Type
Retail
Closing
Feb 28, 2018
AI
The retail property at 555 5th Ave, New York, NY, 10017, is set to welcome beauty chain L’Occitane en Provence as its newest tenant. The 3,378-square-foot flagship store is located at ATCO Properties’ building on the southeast corner of East 46th Street. The retail space had an asking rent of $1,100 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Tenant: L’Occitane en Provence
- Landlord: ATCO Properties
- Square Feet: 3378
L’Occitane en Provence was represented by Thor Retail’s Matthew Seigel and Payal Doshi, who aided in securing the lease for the flagship store. The store is relocating from its previous location at 610 Fifth Avenue, which is near Rockefeller Center’s Channel Gardens. Ripco Real Estate’s Andrew Mandell, Richard Skulnik, and Lindsay Zegans worked as the landlord's representatives in the deal. L’Occitane's new store at 555 Fifth Avenue is set to launch this summer across three levels with a total space of 3,378 square feet.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93