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
About this deal
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.
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Retail
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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