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8808 Justice Ave, Elmhurst,...

Central Queens Academy Charter School Leases Mixed-Use Property At 8808 Justice Ave, Elmhurst, Queens
LEASEDMixed-use

Central Queens Academy Charter School Leases Mixed-Use Property At 8808 Justice Ave, Elmhurst, Queens

8808 Justice Ave, Elmhurst, Queens, NY, USA

Building Size

85,000 SF

Asset Type

Mixed-use

Closing

Jan 4, 2021

AI

This lease transaction involves a mixed-use property located at 8808 Justice Ave in Elmhurst, Queens. The tenant, Central Queens Academy Charter School, has leased the space from the landlord, Jiashu Xu. The tenant's representative in the deal is Stephen Powers, while the landlord's representative is Steve Zhu from Compass.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Date: 01/05/2021
  • Address: 8808 Justice Ave, Elmhurst, Queens
  • Market: Elmhurst, Queens
  • Tenant: Central Queens Academy Charter School
  • Landlord: Jiashu Xu
  • Tenant's Representative: Stephen Powers
  • Landlord's Representative: Steve Zhu @Compass

The asking rent for this lease transaction was $45 per square foot for a total space of 85,000 square feet.

Players

Stephen Powers

OPEN Impact Real Estate

Broker

$55.8M

vol

14 deals

Broker
Transwestern
TranswesternBrokerage

Chris Jiashu Xu

United Construction & Development Group

Landlord

$655.9M

vol

22 deals

Landlord

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