216 East 49th Street
This is a lease transaction — not a sale or financing event — involving a 12,000 SF Midtown East retail space being occupied by Sea Fire Grill, a proven hospitality operator with an established track record in the immediate submarket. The relocation from 158 East 48th Street to 216 East 49th Street is a short-distance move that signals tenant continuity rather than expansion risk. A notable flag is the potential related-party dynamic between landlord Shaban Sinanaj and tenant-side principal Benjamin Sinanaj, which warrants additional diligence to confirm arm's-length lease terms and market-rate rent. Midtown East retail fundamentals remain mixed post-pandemic, with restaurant-use tenants facing elevated operating costs, though the submarket benefits from strong daytime office worker foot traffic. Overall, the deal reflects moderate credit quality, with tenant reputation offsetting uncertainty around undisclosed rent terms and the possible affiliated ownership structure.
Deal Stats
Parties
Seller / Landlord
Shaban Sinanaj appears to be a private NYC real estate owner with holdings in the Midtown East submarket; the shared surname with tenant-side principal Benjamin Sinanaj suggests a possible family or affiliated ownership structure, which may reflect a negotiated or related-party lease arrangement.
Buyer / Tenant
Benjamin Restaurant Group is a well-established New York City hospitality operator with multiple upscale dining concepts, including Benjamin Steakhouse and Sea Fire Grill, known for long-term tenancies in Midtown East. The group's willingness to relocate rather than exit the submarket signals financial stability and continued commitment to the Midtown East dining corridor.
Score Analysis
Why this score
Tenant Credit Quality
Benjamin Restaurant Group's multi-concept portfolio and established Midtown East presence demonstrate operational stability and long-term commitment to the submarket.
Related-Party Transaction Risk
Shared surname between landlord Shaban Sinanaj and tenant principal Benjamin Sinanaj suggests potential affiliated ownership, raising questions about arm's-length rent negotiations and true market terms.
Short-Distance Relocation
Move from 158 East 48th Street to 216 East 49th Street indicates operational continuity rather than market exit, reducing execution risk.
Undisclosed Economic Terms
Unknown rent amount, lease term, and renewal provisions limit ability to assess deal valuation and landlord return assumptions.
Midtown East Restaurant Economics
Strong daytime office foot traffic supports restaurant viability, but elevated post-pandemic operating costs and mixed retail fundamentals create headwinds for margin stability.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Disclose Rent and Lease Terms
Publishing NNN rent, lease length, escalations, and renewal options would enable proper yield analysis and market comparability assessment.
Confirm Arm's-Length Structure
Document corporate relationships between Shaban Sinanaj and Benjamin Sinanaj, or obtain independent appraisal/broker certification that rent aligns with comparable Midtown East restaurant space.
Provide Tenant Financials
Share Sea Fire Grill revenue, EBITDA, and 3-year operating history to substantiate debt service coverage and credit durability beyond brand reputation.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Retail Sale 216 East 49th Street Daily limit: 10/10 Sea Fire Grill Signs 12,000 Square Foot Lease At 216 East 49th Street In Manhattan 12,000 SF Leased 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Total Square Footage: The asset involved in this lease transaction is a retail space located at 216 East 49th Street in Manhattan, comprising 12,000 square feet. The property has been leased by Sea Fire Grill, which is operated by Benjamin Restaurant Group. The transaction reflects a strategic relocation from their previous location at 158 East 48th Street to this new address in Midtown East. Summary of transaction details: Property Type: Retail Transaction Amount: Not disclosed Address: 216 East 49th Street Market: Manhattan Landlord: Shaban Sinanaj Tenant: Benjamin Prelvukaj & Benjamin Sinanaj Operator: Sea Fire Grill Previous Location: 158 East 48th Street Benjamin Prelvukaj and Benjamin Sinanaj are the key individuals representing the tenant in this lease transaction. They have successfully negotiated the terms for the Sea Fire Grill's new location, marking a significant move within the retail sector of Midtown East. Details Deal Summary IMAGE: Benjamin Prelvukaj & Benjamin Sinanaj DATE: 05/04/2026 ADDRESS: 216 East 49th Street MARKET: Manhattan ASSET TYPE: Retail ~ SF: 12,000 LANDLORD: Shaban Sinanaj TENANT: Benjamin Prelvukaj & Benjamin Sinanaj - Sea Fire Grill NOTE: Sea Fire Grill, operated by Benjamin Restaurant Group, signed a 12,000-square-foot lease to relocate from 158 East 48th Street to 216 East 49th Street in Midtown East. Email New York | @tradedny These are recently sold deals in the same market as the subject deal. Contact Get in touch with the broker you want Name Phone (optional) Message I'm an agent Generated based on this deal No similar profiles found Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this deal No profiles found Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. NEW! Search Mixed Use Hospitality Theater District Buildings Trade Hands After More Than 20 Years Residential Multifamily Development Site 497-Unit Mixed-Use Tower Rising in Brooklyn’s Sunset Park Casa Tua Plans Food Hall at Landmark One Hanson Place in Brooklyn FOR SALE $3,500,000 Prime Mixed-Use Building at 430 Grand Street Brooklyn $1,490,000 Nice Mixed-Use Building on Central Avenue in Brooklyn $3,600,000 Prime Development Site in Williamsburg at 511 Grand Street Thomas Modine Suggestions Analyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results. Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $0.00 Debt Service Coverage Ratio (DSCR) 0.00x DSCR below 1.0x - deal does not cover debt service Cap Rate 0.00% Cash Flow (Annual) Cash-on-Cash Return Monthly Debt Service Annual Debt Service Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. States National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming News Agents Agencies About About Us FAQ Testimonials Help Help Center Return Policy © 2026 Traded Media LLC . All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use Sign in to view more deals Create a free account or sign in to continue viewing deals. Forgot password? Continue OR Google Outlook New to Traded? Sign up