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.
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