Cutlets Sandwich Co Leases Retail Space At 99 Third Avenue In Union Square
99 Third Avenue, Manhattan, New York, NY, USA
Building Size
2,200 SF
Asset Type
Retail
Closing
Mar 24, 2021
AI
Located at 99 Third Avenue in Union Square, this retail property has recently been leased. The asset spans a total of 2,200 square feet and is situated in a prime market location.
Summary of transaction details:
- Property Type: Retail
- Transaction Date: 03/25/2021
- Address: 99 Third Avenue, Union Square
- Tenant: Cutlets Sandwich Co
- Landlord: Centennial Properties
- Tenant's Rep: Matthew DeRose & William Janetschek - Nomad Group
- Landlord's Rep: Clayton Traynham & James Famularo - Meridian Capital Group
- Asking Rent: $152 per square foot
The tenant, Cutlets Sandwich Co, has secured a lease agreement with the landlord, Centennial Properties. Representing the tenant in the deal were Matthew DeRose and William Janetschek from Nomad Group, while Clayton Traynham and James Famularo from Meridian Capital Group acted as the landlord's representatives. This transaction marks a successful collaboration between the tenant, landlord, and their respective representatives.
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