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11-48 46th Road, Long Islan...

Kinetik Leases Office Space In Long Island City, NY
LEASEDOffice

Kinetik Leases Office Space In Long Island City, NY

11-48 46th Road, Long Island City, NY, USA

Building Size

6,500 SF

Asset Type

Office

Closing

May 13, 2021

AI

An office space located at 11-48 46th Road in Long Island City has been leased. The property, measuring approximately 6,500 square feet, was leased by Kinetik. The landlord, Peter Papamichael of The Vorea Group, facilitated the transaction. The lease was brokered by Dimitrios Kapelonis, Austin Roche, Constantinos Kapelonis, and Max Belinsky of BKR Real Estate Group. The asking rent for the space was $42 per square foot.

Summary of transaction details

The lease transaction for the office space at 11-48 46th Road in Long Island City was successfully completed. The involvement of Kinetik as the tenant and The Vorea Group, represented by Peter Papamichael, as the landlord, ensured a smooth deal. The transaction was facilitated by the brokers Dimitrios Kapelonis, Austin Roche, Constantinos Kapelonis, and Max Belinsky of BKR Real Estate Group.

Players

Austin Roche

BKR Real Estate Group

Broker

$21.6M

vol

10 deals

Broker
Peter Papamichael

Peter Papamichael

Vorea

Landlord

$376.1M

vol

9 deals

Landlord

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