A3 Productions Leases Mixed-Use Space At 640 Parkside Avenue & 1877 Webster Avenue In Prospect Lefferts Gardens & Mount Hope
640 Parkside Avenue, Little Caribbean, Brooklyn, NY, USA
Building Size
9,200 SF
Asset Type
Mixed-use
Closing
Jul 26, 2021
AI
The mixed-use property located at 640 Parkside Avenue & 1877 Webster Avenue in Prospect Lefferts Gardens & Mount Hope has been leased. The tenant, A3 Productions, has signed a 10-year lease agreement with the landlord, Empire Trust. The leasing transaction was facilitated by brokers Avi Akiva, Chandler Slate, and Rafael Neiman from Tri State Commercial Realty, as well as Mike Gilbert from Gilco Realty. The property spans approximately 9,200 square feet, and the asking rent was $38 per square foot.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: N/A
- Tenant: A3 Productions
- Landlord: Empire Trust
- Brokers: Avi Akiva, Chandler Slate, and Rafael Neiman - Tri State Commercial Realty; Mike Gilbert - Gilco Realty
- Address: 640 Parkside Avenue & 1877 Webster Avenue
- Market: Prospect Lefferts Gardens & Mount Hope
- Asking Rent: $38/ft.
- Lease Term: 10-year
The leasing transaction involving the mixed-use property at 640 Parkside Avenue & 1877 Webster Avenue was successfully executed, with A3 Productions securing a 10-year lease agreement. The brokers involved in the deal, Avi Akiva, Chandler Slate, Rafael Neiman, and Mike Gilbert, played crucial roles in facilitating the transaction. This lease provides A3 Productions with a prime location in Prospect Lefferts Gardens & Mount Hope, allowing them to expand their operations and serve their clients effectively.
Players
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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93