Harvey Spevak Of Equinox Signs 20-Year Lease At 75 Varick Street In Tribeca
75 Varick Street
Building Size
30,248 SF
Asset Type
Retail
Closing
Nov 7, 2024
AI
The transaction involves a retail asset located at 75 Varick Street in the Tribeca market. The asset encompasses a total square footage of 30,248 and is situated within the Hudson Square Properties building.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 75 Varick Street
- Market: Tribeca
- Asset Size: 30,248 SF
- Landlord: Hines, Norges Bank Investment, & Trinity Church Wall Street
- Tenant: Harvey Spevak - Equinox
- Brokers: Darrell Rubens, Jonathan Franzel & Peter Shimkin - Newmark
This lease marks a significant commitment by Equinox, securing a 20-year agreement to operate its 19th location in New York City. The property adds to a roster of tenants that features the Jackie Robinson Museum and Notion, indicating a diverse mix of businesses in the area.
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93