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42-45 12th Street

Updated Dec 4, 2024

Bilt advertisement
Orbital Kitchens Leases Industrial Space In Queens With Igloo Reps Involved
LEASEDIndustrial

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

About this deal

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

Adam Joly

Igloo

Broker

2 deals

Broker

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

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