PeopleShores Leases Entire Third Floor Of Office Building In Brooklyn's Bedford-Stuyvesant Neighborhood
1217 Bedford Avenue, Brooklyn, New York 11216, United States
$50
$50/SF
Building Size
5,589 SF
Asset Type
Office
Closing
Jun 20, 2022
AI
The office property located at 1217 Bedford Ave in Brooklyn was recently leased to PeopleShores. The lease was facilitated by John Le Vine and Stephen Forino from EXR, representing the landlord Rubin Equities, and Adrienne Roberson from Douglas Elliman, representing the tenant. The lease covers the entire third floor of the building, which is situated in the Bedford-Stuyvesant neighborhood of Brooklyn.
Summary of transaction details
- Property Type: Office
- Transaction Date: 06/20/2022
- Address: 1217 Bedford Ave, Brooklyn
- Market: Brooklyn
- Asking Rent: $50/ft.
- Square Footage: 5,589 SF
John Le Vine and Stephen Forino from EXR represented the landlord, Rubin Equities, in the leasing process. Adrienne Roberson from Douglas Elliman represented the tenant, PeopleShores. The deal was facilitated by @IamJohnLeVine from @EXRNY, who handled the creative, branding, marketing, and leasing for Avon Hall on behalf of developer Rubin Equities.
The leased property, located in Bedford-Stuyvesant, Brooklyn, encompasses the entire third floor. The building also includes retail spaces on the ground level (fully leased), creative studios in the basement (fully leased), a mezzanine floor (fully leased), and another floor of office space (partially leased). This deal highlights the growing demand for office spaces in the area.
Players
Brooklyn 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
317260.00%
Cash-on-Cash
-90673.88%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93