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110 Edison Place

Project For Empty Space Lease Ironside Newark Office Space
LEASEDOffice

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

Ryan Starkman

Pierson Commercial

Broker

7 deals

Broker
EP
Edison PropertiesLandlord

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