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7 West 20th Street, Manhatt...

Studio 16 Leases Retail Space At 7 West 20th Street In Flatiron
LEASEDRetail

Studio 16 Leases Retail Space At 7 West 20th Street In Flatiron

7 West 20th Street, Manhattan, New York, NY, USA

Building Size

700 SF

Asset Type

Retail

Closing

Mar 15, 2021

AI

The retail property located at 7 West 20th Street in the Flatiron market has recently been leased. The tenant, Studio 16, has entered into a lease agreement with the landlord, The Settepani Family. The transaction was facilitated by brokers Michael Gammal and Leviathan Leasing. The property offers approximately 700 square feet of space and was listed at an asking rent of $63 per square foot.

Summary of transation details

  • Property Type: Retail
  • Tenant: Studio 16
  • Landlord: The Settepani Family
  • Broker: Michael Gammal - Leviathan Leasing
  • Address: 7 West 20th Street
  • Market: Flatiron
  • Asking Rent: $63/ft.
  • SF: 700

The Settepani Family, as the landlord, has successfully secured a lease with Studio 16 for their retail space at 7 West 20th Street. Michael Gammal and Leviathan Leasing represented both parties in this transaction, ensuring a smooth negotiation process. Studio 16 can now operate their business in this prime location in the Flatiron market.

Players

Michael Gammal

Kassin Sabbagh Realty

Broker

$1.6M

vol

18 deals

Broker
S1
Studio 16Tenant

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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93