TMPL Leases 25,896-SF Luxury Gym At 747 3rd Avenue From Jonathan Iger
747 3rd Avenue
Building Size
25,896 SF
Asset Type
Retail
Closing
Mar 3, 2025
About this deal
AI
The property involved in the lease transaction is a retail space located at 747 3rd Avenue in Midtown East, encompassing a total area of 25,896 square feet. This location is notable within the market, attracting various tenants including a luxury gym. The lease agreement allows for an option to extend in the future.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not disclosed
- Lease Term: 20 years
- Square Footage: 25,896
- Address: 747 3rd Avenue
- Market: Midtown East
- Landlord: Jonathan Iger - Sage
- Tenant: Patrick Walsh - TMPL
- Broker: Robert McCormick - Norman Bobrow & Company
The key individuals involved in the transaction include Jonathan Iger, the landlord representing Sage, and Patrick Walsh, the tenant on behalf of TMPL. Robert McCormick served as the broker facilitating the deal through Norman Bobrow & Company. Notably, TMPL is a high-tech fitness chain that has been in operation since 2016 and will be joining other businesses in the building such as Helmsley Spear and Alexander Wolf & Son Construction.
On the Map
Retail
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Players
New York Retail Market Snapshot
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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