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1359 Coney Island Avenue

Mitchell Spitz Leases Mixed-Use Property To Shay Guetta In Brooklyn
LEASEDMixed-use

Mitchell Spitz Leases Mixed-Use Property To Shay Guetta In Brooklyn

1359 Coney Island Avenue & 1361 Coney Island Avenue

$60

$60/SF

Building Size

8,000 SF

Asset Type

Mixed-use

Closing

Jun 5, 2024

AI

The mixed-use property located at 1359-1361 Coney Island Avenue in Brooklyn was involved in a lease transaction. The landlord, Mitchell Spitz, leased the property to tenant Shay Guetta with the representation of broker Michael Gammal from Swift Retail Advisors. The lease, a Modified Gross Lease, had an asking rent of $60 per square foot for a total space of 4,000 square feet.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: Not specified
  • Address: 1359-1361 Coney Island Avenue
  • Market: Brooklyn
  • Landlord: Mitchell Spitz
  • Tenant: Shay Guetta
  • Tenant's Rep: Not specified
  • Broker: Michael Gammal - Swift Retail Advisors
  • Asking Rent: $60/ft
  • Lease Type: Modified Gross Lease

Michael Gammal from Swift Retail Advisors played a crucial role in facilitating the lease transaction between landlord Mitchell Spitz and tenant Shay Guetta. Mitchell Spitz, the landlord, has successfully secured a tenant for this mixed-use property in Brooklyn. Shay Guetta, on the other hand, found a new space at the property, thanks to the efforts of the broker, Michael Gammal.

Players

Michael Gammal

Swift Real Estate Advisors

Broker

$1.6M

vol

17 deals

Broker

Brooklyn 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

264383.33%

Cash-on-Cash

-75561.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93