The State Of NJ Leases Office Space In Bayonne, NJ At 25 W 8th Street
25 West 8th Street, Bayonne, New Jersey 07002, United States
Building Size
2,050 SF
Asset Type
Office
Closing
Feb 16, 2022
AI
The State of NJ has leased an office space located at 25 W 8th Street in Bayonne, NJ. The property, with a total square footage of 2,050, is owned by Brian Philipson. The lease was represented by Chris Conway of The Goldstein Group on behalf of the landlord, and Ben Costanza of Costanza & Providence Real Estate on behalf of the tenant. The lease type is a Modified Gross Lease, with an asking rent of $25 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: N/A
- Address: 25 W 8th Street, Bayonne, NJ
- Market: Bayonne, NJ
- Landlord: Brian Philipson
- Tenant: The State of NJ
- Landlord's Representative: Chris Conway - The Goldstein Group
- Tenant's Representative: Ben Costanza - Costanza & Providence Real Estate
- Asking Rent: $25/ft.
- Square Footage: 2,050
- Lease Type: Modified Gross Lease
It is worth noting that State Assemblyman William B. Sampson is one of the tenants. Additionally, there is still 2,000 square feet of built-out lower level office space available for lease.
Players
Bayonne 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93