Bernard Arnault Of Louis Vuitton-Moët-Hennessy Leases Retail Space From Edward J. Minskoff Equities At 590 Madison Avenue
590 Madison Avenue
$190
$190/SF
Building Size
150,000 SF
Asset Type
Retail
Closing
Sep 30, 2024
About this deal
AI
The retail asset located at 590 Madison Avenue is in Midtown Manhattan. It features a total of 150,000 square feet, with an asking rent set at $190 per square foot, reflecting the market conditions for premium retail spaces in the area.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $190/ft
- Square Footage: 150,000
- Address: 590 Madison Avenue
- Market: Midtown Manhattan
- Landlord: Edward J. Minskoff Equities
- Tenant: Bernard Arnault - Louis Vuitton-Moët-Hennessy
- Landlord's Representative: CBRE
- Tenant's Representative: Daniel Horowitz & Jeffrey Peck - Savills
The transaction involves significant figures in the real estate and luxury goods sectors, with Edward J. Minskoff Equities as the landlord and Bernard Arnault representing Louis Vuitton-Moët-Hennessy as the tenant. CBRE acted as the landlord's representative, while the tenant was represented by Daniel Horowitz and Jeffrey Peck from Savills. Additionally, LVMH may occupy retail space that has been vacated by Bonhams Auction House.
On the Map
$190
$190/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
83489.47%
Cash-on-Cash
-23861.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93