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
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