East Gate Investors And SC Holdings Lease 52,000 Square Feet At St. George Tower Brooklyn Heights
43 Clark Street
Building Size
52,000 SF
Asset Type
MultiFamily
Closing
May 14, 2025
AI
The asset involved in this transaction is a multifamily property located at 43 Clark Street in the Brooklyn Heights market, encompassing a total of 52,000 square feet. The landlord of this property is the St. George Tower Co-op & Grill Owners Corporation, while the tenants are East Gate Investors and SC Holdings, who will be utilizing the space as a private health and wellness club.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: Not specified
- Square Footage: 52,000 SF
- Address: 43 Clark Street
- Market: Brooklyn Heights
- Landlord: St. George Tower Co-op & Grill Owners Corporation
- Tenant: East Gate Investors & SC Holdings
- Broker: Michael Dubin - Helmsley Spear
- Lease Duration: 29 years
The deal was facilitated by Michael Dubin from Helmsley Spear, representing the interests of the landlord in this long-term lease transaction. East Gate Investors and SC Holdings will be establishing their operations in this newly secured location, marking a significant commitment to the area.
Players
Brooklyn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · 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