Updated Dec 21, 2023
Morris Napolitano Leases Industrial Space In Gowanus For $17/ft
22 2nd Ave, Gowanus, Brooklyn, NY, USA
Building Size
12,000 SF
Asset Type
Industrial
Closing
Apr 27, 2021
About this deal
AI
An industrial property located at 22 2nd Ave in Gowanus has been leased. The property spans 12,000 square feet and is owned by Rich Ribellino. The tenant, Morris Napolitano, will be occupying the space. The lease was facilitated by broker Julio Reyes from Reyes Elsamad. The asking rent for the property was $17 per square foot.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: Lease
Julio Reyes from Reyes Elsamad represented both the tenant, Morris Napolitano, and the landlord, Rich Ribellino, in this lease transaction.
On the Map
Industrial
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Players
Brooklyn 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93