Project For Empty Space Lease Ironside Newark Office Space
110 Edison Place
$36
$36/SF
Building Size
2,500 SF
Asset Type
Office
Closing
Jul 28, 2023
AI
The Project for Empty Space, a multifaceted arts organization, has signed a five-year lease for a 2,500-square-foot gallery and artist incubator space at Ironside Newark in Newark. The lease was finalized with an asking rent of $36.70 per square foot, resulting in a total lease value of approximately $91,750. The property is located at 110 Edison Place in the Newark market. Edison Properties, represented by Lenny Lazzarino, serves as the landlord in this transaction.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $91,750
- Address: 110 Edison Place, Newark
- Market: Newark
The Project for Empty Space is led by Jasmine Wahi and Rebecca Pauline Jampol. They aim to provide safe spaces for artistic innovation and public engagement, making this lease a significant step in their mission. Ryan Starkman, from Pierson Commercial, acted as the broker representing the tenant, ensuring a smooth negotiation and deal closure.
Players
St. John'S Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
440638.89%
Cash-on-Cash
-125935.95%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93