Updated Oct 28, 2024
Starbucks Leases Development Site In Kew Gardens Hills From Marty Oliner
161-09 Union Turnpike, Kew Gardens Hills, NY, USA
Building Size
9,063 SF
Asset Type
Development Site
Closing
Jun 9, 2021
About this deal
AI
Located at 161-09 Union Turnpike in Kew Gardens Hills, this development site in Central Queens has recently been leased. The tenant, Starbucks, will be occupying the premises. The landlord in this transaction is Marty Oliner. The lease was facilitated by Richard Senior and Chris Walther of RIPCO Real Estate.
Summary of transaction details:
- Property Type: Development Site
- Date: 06/10/2021
- Asking Rent: $40/ft
- Building Square Footage: 9,063
Richard Senior and Chris Walther, from RIPCO Real Estate, represented the tenant, Starbucks, in this lease agreement. The property is a freestanding site with a one-story drive-thru building that has been built to suit Starbucks' needs.
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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