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85 10th Avenue

Updated Dec 4, 2024

Shopify Inc. Leases 36,000 SF Retail Space At 85 10th Ave, Chelsea, Manhattan
LEASEDRetail

Shopify Inc. Leases 36,000 SF Retail Space At 85 10th Ave, Chelsea, Manhattan

85 10th Avenue

Building Size

36,000 SF

Asset Type

Retail

Closing

Oct 26, 2023

About this deal

AI

Shopify Inc. has leased approximately 36,000 square feet of office space at 85 10th Ave on the far west side of Manhattan, near Chelsea Market and the High Line. The property is a retail space with a size of 36,000 square feet, located at 85 10th Avenue in the Chelsea neighborhood of Manhattan.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: Not available
  • Address: 85 10th Avenue
  • Market: Chelsea, Manhattan
  • Size: 36,000 square feet

The landlord for this lease transaction is Jeff T. Blau from Related Cos and Steven Roth from Vornado Realty Trust. They are the property owners of the retail space at 85 10th Ave in Chelsea, Manhattan. The tenant, Tobias Lütke, is the representative of Shopify Inc, a tech company that has chosen this location to expand its operations.

This lease deal adds Shopify Inc. to the list of tech and finance companies that have been expanding in the Chelsea neighborhood, attracted by the proximity to Chelsea Market and the High Line.

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

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