Lincoln Market Signs 20-Year Lease For Grocery Store At Silverstein Properties In Hell's Kitchen
660 West 42nd Street
Building Size
35,809 SF
Asset Type
Retail
Closing
Dec 9, 2024
About this deal
AI
The property involved in this transaction is a retail space located at 660 West 42nd Street in the Hell's Kitchen market. The lease term is set for 20 years, with the tenant, Lincoln Market, securing a 35,809-square-foot space at a rental rate of $60 per square foot.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $60/ft
- Square Footage: 35,809
- Address: 660 West 42nd Street
- Market: Hell's Kitchen
- Landlord: Larry Silverstein, Lisa Silverstein & Joseph Artusa - Silverstein Properties
- Tenant: Lincoln Market
- Landlord's Rep: Alan Schmerzler, Michael O’Neill, Sean Moran, Steven Soutendijk & Taylor Reynolds - Cushman & Wakefield
- Tenant's Rep: Scott Sher - Katz & Associates
- Lease Term: 20-year lease
This transaction marks Lincoln Market's largest location in New York City, reflecting a significant commitment to the Hell's Kitchen area. The transaction involves notable representatives from Cushman & Wakefield and Katz & Associates, facilitating the agreement between the Silverstein Properties and Lincoln Market.
On the Map
Retail
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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
264383.33%
Cash-on-Cash
-75561.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93