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1001 50th Avenue, Long Isla...

Black Star Bakery Signs Lease For Mixed-Use Space In Long Island City
LEASEDMixed-use

Black Star Bakery Signs Lease For Mixed-Use Space In Long Island City

1001 50th Avenue, Long Island City, NY 11101

Building Size

1,300 SF

Asset Type

Mixed-use

Closing

Aug 9, 2020

AI

The mixed-use property located at 10-01 50th Avenue in Long Island City has recently been leased. The tenant, Black Star Bakery, will occupy a space of 1,300 square feet. The asking rent for this lease was $100 per square foot.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: Lease
  • Date: 08/10/2020
  • Address: 10-01 50th Avenue, Long Island City
  • Tenant: Black Star Bakery
  • Landlord: 10-01 50th Avenue Realty - Spyros Lekkas
  • Broker: Parry Ermogenous - C21 Unique

Parry Ermogenous from C21 Unique represented both the tenant, Black Star Bakery, and the landlord, 10-01 50th Avenue Realty - Spyros Lekkas, in this lease transaction.

It is worth noting that Black Star Bakery recently opened its fourth location in Gramercy Park, making this their largest and fifth bakery/cafe. Their other stores are situated in Williamsburg, Upper East Side, and Long Island City.

Players

Parry Ermogenous

NextHome

Broker

$4.9M

vol

7 deals

Broker

New York Mixed-use Market Snapshot

Boundary boundary · Mixed-use · 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