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
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