Abel Richard Secures Retail Lease At 7 West 57th Street From Soloviev Group For 15 Years
7 West 57th Street
$300
$300/SF
Building Size
6,327 SF
Asset Type
Retail
Closing
Sep 1, 2024
About this deal
AI
The retail asset located at 7 West 57th Street is part of The Rian, a new development in Midtown, Manhattan. The space, featuring 6,327 square feet and 17.5' ceilings, is being leased at an asking rent of $300 per square foot. The lease agreement spans 15 years and includes nine months of free rent, with no tenant improvements specified.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $300/ft
- Lease Term: 15 years
- Landlord: Soloviev Group
- Tenant: Abel Richard
- Broker: Lauren Weiner - Atlas Real Estate New York
- Square Footage: 6,327 SF
- Free Rent: 9 months
- Ceiling Height: 17.5'
- Address: 7 West 57th Street
- Market: Midtown, Manhattan
Lauren Weiner, representing Atlas Real Estate New York, facilitated the leasing transaction for the tenant Abel Richard and landlord Soloviev Group. This marks the first tenant to occupy the space in The Rian luxury rental building.
On the Map
$300
$300/SF
Retail
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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
52876.67%
Cash-on-Cash
-15112.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93