Hirshmark Capital Leases Retail Space To Fomo Momo At 85 1st Avenue For 10 Years
85 1st Avenue
$150
$150/SF
Building Size
2,000 SF
Asset Type
Retail
Closing
Dec 1, 2024
About this deal
AI
The property asset involved in this transaction is located at 85 1st Avenue in the East Village market. It is categorized as retail space, with an asking rent of $175 per square foot for an area measuring 1,100 square feet. The lease agreement is for a duration of 10 years under a Modified Gross Lease structure.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $175/ft
- Address: 85 1st Avenue
- Lease Term: 10 years
- Lease Type: Modified Gross Lease
- Landlord: Hirshmark Capital
- Tenant: Fomo Momo
- Landlord's Representative: Max Swerdloff
- Tenant's Representatives: Ravi Idnani & Andrew Stern - Newmark
- Square Footage: 1,100
This transaction involves key representatives in the leasing process, with Max Swerdloff acting on behalf of the landlord, Hirshmark Capital. The tenant, Fomo Momo, is represented by Ravi Idnani and Andrew Stern from Newmark, facilitating the negotiations for this retail space lease.
On the Map
$150
$150/SF
Retail
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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
105753.33%
Cash-on-Cash
-30224.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93