Extell Development Leases Retail Space To The Flowery In Midtown For 10 Years At $200/ft
854 7th Avenue
$200
$200/SF
Building Size
3,750 SF
Asset Type
Retail
Closing
Jan 8, 2025
About this deal
AI
This retail lease transaction involves a property located at 854 7th Avenue in the Midtown market. The asking rent is $200 per square foot for a total space of 3,750 square feet. The lease term is set for 10 years and is categorized as a single net lease.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $200/ft
- Lease Term: 10 Years
- Lease Type: Single Net Lease
- Landlord: Extell Development
- Tenant: The Flowery
- Brokers: Michael Segerman & Roy Abraham - Current Real Estate Advisors
Michael Segerman and Roy Abraham from Current Real Estate Advisors facilitated this lease, representing both the landlord and the tenant in the transaction. Their involvement is crucial in navigating the leasing process between the parties for this retail asset.
On the Map
$200
$200/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
79315.00%
Cash-on-Cash
-22668.47%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93