LEASEDRetail
Bill Bruckman Leases Retail Space At 890 2nd Avenue For Pietro's Ristorante From Stellar Management
890 2nd Avenue
$89
Building Size
—
Asset Type
Retail
Closing
Apr 24, 2025
About this deal
AI
The property asset involved in the transaction is a retail space located at 890 2nd Avenue in Manhattan. The steakhouse, Pietro's Ristorante, has signed a lease for a total of 5,000 square feet at a rate of $89.29 per square foot. This establishment, which is nearly 100 years old, is set to reopen in August after closing in May due to the conversion of its former building.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $89.29/ft
- Landlord: Stellar Management
- Tenant: Bill Bruckman - Pietro's Ristorante
- Landlord's Representative: Sean Moran & Patrick O’Rourke - Cushman & Wakefield
- Tenant's Representative: Cory Gahr - Lee & Associates
- Lease Term: 15-year lease
Key individuals in this transaction include Bill Bruckman, who represents Pietro's Ristorante, and Laurence Gluck, linked to Stellar Management. The landlord, Stellar Management, is represented by Sean Moran and Patrick O’Rourke from Cushman & Wakefield, while Cory Gahr of Lee & Associates represents the tenant.
On the Map
$89
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
178235.96%
Cash-on-Cash
-50940.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93