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770 Broadway, Manhattan, Ne...

Wegmans Signs 30-Year Lease For 82,000 SF Retail Space At 770 Broadway In Manhattan
LEASEDRetail

Wegmans Signs 30-Year Lease For 82,000 SF Retail Space At 770 Broadway In Manhattan

770 Broadway, Manhattan, New York, NY, USA

Building Size

82,000 SF

Asset Type

Retail

Closing

Jul 28, 2021

AI

Located at 770 Broadway in Manhattan, this retail property was recently leased for a term of 30 years. The property spans across 82,000 square feet and features a prominent location in the market.

Summary of transaction details

  • Property Type: Retail
  • Tenant: Wegmans
  • Landlord: Vornado Realty Trust - Steve Roth & Haim Chera
  • Broker: Gene Spiegelman - RIPCO Real Estate
  • Address: 770 Broadway
  • Market: Manhattan
  • Square Footage: 82,000
  • Term: 30 years

This lease deal was facilitated by Gene Spiegelman from RIPCO Real Estate, serving as the broker for both Wegmans, the tenant, and Vornado Realty Trust, represented by Steve Roth and Haim Chera. The agreement marks a significant partnership between the tenant and landlord, solidifying the presence of Wegmans in the Manhattan market. With its prime location and extensive square footage, this retail space offers ample opportunities for Wegmans to thrive in the bustling city.

Players

Gene Spiegelman

Ripco

Broker

$30.3M

vol

11 deals

Broker

Haim Chera

Vornado Realty Trust

Landlord

$27.4M

vol

3 deals

Landlord

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