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11-15 31st Drive

StandOut Spaces Signs Lease For Industrial Property In Astoria, Queens With Landlord Lorenzo DeVardo
LEASEDIndustrial

StandOut Spaces Signs Lease For Industrial Property In Astoria, Queens With Landlord Lorenzo DeVardo

11-15 31st Drive

$19

$19/SF

Building Size

6,200 SF

Asset Type

Industrial

Closing

Feb 7, 2024

AI

The industrial property located at 11-15 31st Drive in Astoria, Queens has recently been leased. The property spans over 6,200 square feet and features a modified gross lease. The deal was facilitated by Luca DiCiero, Faisal Gilani, and Damian Dakas of NY Space Finders, who represented both the landlord, Lorenzo DeVardo, and the tenant, StandOut Spaces. The asking rent for the lease was approximately $19.5 per square foot.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: Lease
  • Address: 11-15 31st Drive, Astoria, Queens
  • Market: Astoria, Queens
  • Landlord: Lorenzo DeVardo
  • Tenant: StandOut Spaces
  • Brokers: Luca DiCiero, Faisal Gilani, and Damian Dakas - NY Space Finders
  • Asking Rent: $19.5/ft
  • Square Footage: 6,200
  • Lease Type: Modified Gross Lease

The lease transaction at 11-15 31st Drive was successfully negotiated with the help of Luca DiCiero, Faisal Gilani, and Damian Dakas from NY Space Finders. They played a pivotal role in representing both the landlord, Lorenzo DeVardo, and the tenant, StandOut Spaces. This deal showcases the expertise and professionalism of these brokers in the industrial real estate market in Queens.

Players

Faisal Gilani

NY Space Finders

Broker

$27.4M

vol

46 deals

Broker

Astoria Industrial Market Snapshot

Boundary boundary · Industrial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

834894.74%

Cash-on-Cash

-238615.48%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93