Madison Realty Capital Leases Retail Space To Jigme Sherpa At 895 1st Avenue For $60/ft
895 1st Avenue
$60
$60/SF
Building Size
1,500 SF
Asset Type
Retail
Closing
Aug 20, 2024
About this deal
AI
The retail asset located at 895 1st Avenue in the Midtown East market encompasses a total square footage of 1,500. The asking rent for this property is set at $60 per square foot.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $60/ft
- Address: 895 1st Avenue
- Market: Midtown East
- Landlord: Madison Realty Capital
- Tenant: Jigme Sherpa
- Landlord's Representative: Mary Schwagerl, Richard Skulnik & Lindsay Zegans - Ripco
- Tenant's Representative: Josh Sarraf - ARA
- Lease Type: Retail Lease
This transaction features representatives from both the landlord and tenant sides, highlighting the involvement of Mary Schwagerl, Richard Skulnik, and Lindsay Zegans from Ripco representing Madison Realty Capital, while Josh Sarraf from ARA represents Jigme Sherpa in this lease agreement.
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
264383.33%
Cash-on-Cash
-75561.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93