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10-27 46th Avenue Long Isla...

Updated Dec 2, 2024

Buka Derm Management Extends Lease For Expanded Office Space In Long Island City
LEASEDOffice

Buka Derm Management Extends Lease For Expanded Office Space In Long Island City

10-27 46th Avenue Long Island City, New York 11101, USA

Building Size

10,351 SF

Asset Type

Office

Closing

May 25, 2023

About this deal

AI

Buka Derm Management, also known as The Dermatology Specialists, has agreed to a 7-year lease extension at 10-27 46th Avenue in Long Island City, Queens. The office space has been doubled to 10,351 square feet, with 5,152 square feet on the first floor and an extension on the third floor. The expanded area will accommodate the practice's general, administrative, and executive offices. The property, located at 10-27 46th Avenue, is fully renovated and centrally located in the vibrant market of Long Island City, Queens.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 10-27 46th Avenue, Long Island City, Queens
  • Market: Long Island City, Queens
  • Square Footage: 10,351

GFP Real Estate represented the landlord in this lease extension deal, while Compass served as the tenant's representative. The fully renovated building offers a prime location and ample space for Buka Derm Management to expand their operations and accommodate their administrative and executive offices. The deal signifies the confidence and growth of Buka Derm Management in the Long Island City market.

Players

GFP Real Estate
GFP Real EstateLandlord

New York Office Market Snapshot

Boundary boundary · Office · 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

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