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
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
101685.90%
Cash-on-Cash
-29062.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93