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1217 Bedford Avenue, Brookl...

Rubin Equities Leases Office Space In Brooklyn To Bridge Street Development Corporation
LEASEDOffice

Rubin Equities Leases Office Space In Brooklyn To Bridge Street Development Corporation

1217 Bedford Avenue, Brooklyn, New York 11216, United States

Building Size

5,589 SF

Asset Type

Office

Closing

May 17, 2022

AI

The recently closed lease deal in Brooklyn involved an office space located at 1217 Bedford Ave. The property, known as Avon Hall, is owned by Rubin Equities and was leased by Bridge Street Development Corporation. The lease was facilitated by John Le Vine and Stephen Forino from EXR, who represented the landlord. Ede Egharevba served as the tenant representative. The entire mezzanine level of the property, spanning 2,160 square feet, was leased for an asking rent of $45 per square foot. In addition to the office space, the property also features retail on the ground level, creative studios in the basement, and two more floors of office space above the mezzanine.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Lease
  • Address: 1217 Bedford Ave.
  • Market: Brooklyn

@IamJohnLeVine from @EXRNY played a key role in the lease deal for Avon Hall, a property developed by Rubin Equities. They were responsible for handling the creative branding and leasing of the office space. The deal included the entire mezzanine level of the property, providing Bridge Street Development Corporation with a suitable office space in Bedford-Stuyvesant, Brooklyn.

Players

John LeVine

EXR

Broker

$50.6M

vol

42 deals

Broker
RE
Rubin EquitiesLandlord

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