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Pennsylvania Plaza

Skinny Louie Leases Retail Space At Penn 1 In Midtown West With Broker Representation From KSR
LEASEDRetail

Skinny Louie Leases Retail Space At Penn 1 In Midtown West With Broker Representation From KSR

Pennsylvania Plaza

$400

$400/SF

Building Size

1,387 SF

Asset Type

Retail

Closing

Mar 14, 2025

AI

The property involved in this lease transaction is a retail space located at 1 Pennsylvania Plaza in Midtown West. The asking rent for the property is $400 per square foot, encompassing a total square footage of 1,387. The landlord for this retail lease is Vornado.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $400/ft
  • Square Footage: 1,387
  • Address: PENN 1, 1 Pennsylvania Plaza
  • Market: Midtown West
  • Landlord: Vornado
  • Tenant: Skinny Louie
  • Lease Type: Retail Lease
  • Brokers: Carolina Aziz, Ike Bibi & Madeleine Soffer - KSR

Carolina Aziz, Ike Bibi, and Madeleine Soffer from KSR represented the transaction. Skinny Louie is currently seeking additional sites in both Manhattan and Brooklyn, and they are open to submissions of potential locations at the provided email addresses.

Players

Ike Bibi

Kassin Sabbagh Realty

Broker

$274.3M

vol

125 deals

Broker
Vornado Realty Trust
Vornado Realty TrustLandlord

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

39657.50%

Cash-on-Cash

-11334.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93