Orbital Kitchens Leases Industrial Space In Queens With Igloo Reps Involved
42-45 12th Street
Building Size
34,953 SF
Asset Type
Industrial
Closing
Mar 12, 2024
AI
The industrial property located at 42-45 12th Street in Queens, known as the Steinway Building, spans 34,953 square feet. The lease agreement for this asset was signed by Orbital Kitchens, a virtual restaurant, for a term of 15 years. Superior Management acts as the landlord in this transaction, with the deal being facilitated by brokers Adam Joly and Rachel Cohen fromIgloo.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not specified
- Address: 42-45 12th Street
- Market: Queens
- Tenant: Russell Yam - Orbital Kitchens
- Brokers: Adam Joly & Rachel Cohen - Igloo
Russell Yam representing Orbital Kitchens and the team of Adam Joly and Rachel Cohen from Igloo were the key individuals involved in the successful leasing transaction at 42-45 12th Street. The partnership between Orbital Kitchens and Superior Management marks a significant business collaboration in the industrial real estate sector in Queens.
Players
Long Island City 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