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
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