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660 West 42nd Street

Updated Dec 10, 2024

Lincoln Market Signs 20-Year Lease For Grocery Store At Silverstein Properties In Hell's Kitchen
LEASEDRetail

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:

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.

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Players

Steven Soutendijk

Cushman & Wakefield

Broker

10 deals

Broker
KA
Katz & AssociatesBrokerage
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New York Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Deal FAQ

About $60 per square foot for 35,809 square feet (2024).

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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

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