Updated Mar 11, 2025
Kearny Bank Leases Retail Space In Fairlawn, NJ
33-11 Broadway, Fair Lawn, New Jersey 07410, United States
Building Size
5,000 SF
Asset Type
Retail
Closing
Feb 2, 2022
About this deal
AI
The retail property located at 33-11 Broadway in Fairlawn, NJ has been leased to Kearny Bank. The lease terms are for 5 years with an asking rent of $24.19 per square foot. The total square footage of the property is 5,000 square feet. The lease type is an NNN lease, and the property is owned by Sean Altschul and Ben Gorelick. The transaction was facilitated by brokers Chris Conway and Marc Palestina from The Goldstein Group.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not Applicable
The lease agreement includes 1,400 square feet on the ground level, with the remaining space comprising of lower and upper-level storage. This additional space provides ample storage options for the tenant. The deal was successfully negotiated by Chris Conway and Marc Palestina from The Goldstein Group, who represented Kearny Bank in the transaction.
Players
Fair Lawn 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93