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698 2nd Avenue

Updated Dec 4, 2024

Greogory Kornegay Leases Retail Space In Murray Hill With Alex Frants Of Highcap Group
LEASEDRetail

Greogory Kornegay Leases Retail Space In Murray Hill With Alex Frants Of Highcap Group

698 2nd Avenue

$156

$156/SF

Building Size

2,000 SF

Asset Type

Retail

Closing

Mar 21, 2024

About this deal

AI

The retail property located at 698 2nd Avenue in Murray Hill, Manhattan, was leased out in a 10-year deal. The asset spans 2,000 square feet with an asking rent of $156 per square foot. Ofer Cohen is the landlord, and Greogory Kornegay is the tenant. The leasing transaction was facilitated by Alex Frants from Highcap Group.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not Applicable
  • Address: 698 2nd Avenue
  • Market: Murray Hill, Manhattan
  • Lease Type: Retail Lease
  • Lease Term: 10-year lease with 3% annual increases

The building housing the leased retail space also features two free market apartments and is available for sale. Interested parties can reach out to Alex Frants at [email protected] or 646-649-9829 for more information.

Players

Alex Frants

Highcap Group

Broker

$41.4M

vol

2 deals

Broker

New York Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Deal FAQ

About $156 per square foot on a published $156 for 2,000 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

101685.90%

Cash-on-Cash

-29062.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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