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217 North 10th Street

Nicholas Tishuk's Bedford Stuyvesant New Beginnings Charter School Secures 35-Year Lease In Williamsburg
LEASEDMixed-use

Nicholas Tishuk's Bedford Stuyvesant New Beginnings Charter School Secures 35-Year Lease In Williamsburg

217 North 10th Street

$70

Building Size

Asset Type

Mixed-use

Closing

Mar 8, 2024

AI

The mixed-use property located at 217 North 10th Street in Williamsburg was leased to Bedford Stuyvesant New Beginnings Charter School for a 35-year term. The 51,000 square foot space was secured at an asking rent of approximately $70 per square foot. The building was designed by Morris Adjmi.

Summary of transation details:

  • Property Type: Mixed-use
  • Transaction Amount: Not specified
  • Landlord: Largo
  • Tenant: Nicholas Tishuk - Bedford Stuyvesant New Beginnings Charter School
  • Landlord's Representatives: Jason Frazier & Jesse de la Rama - CBRE
  • Tenant's Representative: Josh Berger - Norman Bobrow & Company
  • Address: 217 North 10th Street
  • Market: Williamsburg
  • Asking Rent: $70/ft
  • Size: 51,000 square feet
  • Lease Term: 35-year lease

The lease deal was facilitated with the help of Jason Frazier and Jesse de la Rama from CBRE representing the landlord, Largo. On the tenant's side, Josh Berger from Norman Bobrow & Company acted as the representative for Nicholas Tishuk, the school's leader.

Players

Jason Frazier

CBRE

Broker

7 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

226614.29%

Cash-on-Cash

-64767.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93