Mark Zuckerberg Of Meta Signs 10-Year Lease For Flagship Retail Store In Midtown Manhattan
697 5th Avenue
Building Size
15,000 SF
Asset Type
Retail
Closing
Mar 18, 2026
About this deal
AI
The retail asset located at 697 5th Avenue in Midtown Manhattan spans 15,000 square feet. This property is notable for housing Meta's first permanent retail store in New York City, named Meta Lab, dedicated to showcasing wearable technology products such as AI glasses and VR headsets.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 697 5th Avenue
- Market: Midtown Manhattan
- Lease Term: 10-year lease
- Landlord: Steven Roth - Vornado Realty Trust
- Tenant: Mark Zuckerberg - Meta
Mark Zuckerberg, representing Meta, has committed to a 10-year lease for this flagship retail location, enhancing the company's presence in the technology retail sector through this strategic operation.
On the Map
Retail
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Players
Brooklyn Retail Market Snapshot
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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