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42-45 12th Street

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

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