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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Deal FAQ
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