Luxury Bathhouse Sanctuary Opens In Flatiron With Bathhouse Acquiring 3-Level Parking Garage
7 West 21st Street, New York City, New York 10010, United States
Building Size
34,328 SF
Asset Type
Retail
Closing
Dec 9, 2021
About this deal
AI
A luxury bathhouse sanctuary is set to come to the heart of the Flatiron district, as a 3-level parking garage undergoes conversion. The property, located at 7 West 21st Street, offers a total of 34,328 square feet of space, with 3,565 square feet on the ground floor, 12,430 square feet on the lower level, and 18,333 square feet in the sub-basement. The market value of the retail space has been estimated to range between $50 and $100 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: N/A
- Address: 7 West 21st Street
- Market: Flatiron
- Asset Type: Retail
The landlord, William Friedland of Friedland Properties, has secured Bathhouse as the tenant for this new venture. The tenant will be represented by Ross Eisenberg of RDE Advisors. Jason Pruger of Newmark served as the landlord's representative for this lease.
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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