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
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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